Milk, cheese and eggs push food price rises to 14-year high
The soaring price of milk, cheese and eggs has pushed food inflation to its highest level for 14 years.
The figure was not as high as economists had feared but some have warned the inflation rate is likely to continue to rise, noting that the cost of food, clothing and services - which include things such as shops and restaurant prices - were all continuing to rise sharply. Food prices have been going up around the world following Russia's invasion of Ukraine, which has been one of the factors pushing up prices at supermarket tills.
And, of course, even at 9.9%, prices are rising much faster than wages, and much higher than the Bank of England's 2% target.So the expectation is that this is a dip, before further rises alongside the increase in energy bills next month. Central banks around the world, including the Bank of England, have been trying to get soaring inflation under control by hiking interest rates.
"The fact that the falling headline rate is due to changes in the price of petrol and diesel, which is driven predominantly by the international price of oil rather than by domestic factors, means news is unlikely to alter expectations of a rise in interest rates," she said, noting the Bank would act to try to stem UK price rises, such as food and services.
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