Inflation a global phenomenon: Bank of England

ISLAMABAD, Dec 16 (APP):Inflation is a global phenomenon which also hit England, said the Bank of England (BoE) on Thursday while highlighting the policy measures being taken by the policymakers to address the issue.

Rise in petroleum and energy price was a major cause of inflation in energy and food prices in the United Kingdom and the Bank had taken policy measures to maintain economic discipline in the country which increased interest rate, Director Investment of the Bank of England, Ms Nanet Mui told BBC.

She said the Bank of England would ensure issuing policy guidelines for businessmen and households before further rise in interest rate, which would make them aware in advance. It was the policy decision of the Bank of England, she said

According to a BBC report, the inflation rate in the United Kingdom soared to 5.1 percent in the previous month of November, up from 4.2 percent the month before, highest rate for over a decade.
It’s over two and half times above the Bank of England’s target of two percent, the report said.

The current inflation rate in the country was driven by record petrol prices, used cars, clothes and food.
According to the report, the Retail Price Index was also all-time high at 7.1 recorded in the last 30 years.

This phenomena was being witnessed because of Covid-19 and new variants of Omicron and lockdown in previous years.
During Christmas, the inflation in different daily-use items and clothes were also all time high and people were annoyed from current wave of inflation.

The current wave of inflation also disturbed the middle and low income household in the country.