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UK inflation hits 40-year high of 9%, squeezing households harder
By Andy Bruce and William Schomberg
Wednesday, May 18, 2022
LONDON -- British inflation surged last month to its highest annual rate since 1982, pressuring finance minister Rishi Sunak to offer more help for households and the Bank of England to keep raising interest rates despite a risk of recession.
Consumer price inflation hit 9% in April, the Office for National Statistics said today, surpassing the peaks of the early 1990s recession that many Britons remember for sky-high interest rates and widespread mortgage defaults.
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Britain has the highest inflation of Europe's big economies and almost certainly in the Group of Seven, with Canada and Japan yet to report April data. Neither are likely to match Britain's price growth which also looks set to be longer-lasting. ...
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