Exterior of reporting on the physique politic, inflation information has typically dominated the headlines of late.
Inflation has proved problematic worldwide within the wake of the Covid-19 pandemic, and significantly since Russia invaded Ukraine, and is a significant driver in the price of dwelling disaster.
The time period ‘inflation’ refers to an increase in costs, which is measured by the Workplace for Nationwide Statistics (ONS) in what’s referred to as the Shopper Costs Index (CPI).
Each month, they put collectively a ‘basket’ of over 700 items and providers and evaluate their costs to the place they have been twelve months in the past.
However how does the UK’s state of affairs evaluate with different European economies?
Here is what you want to know.
What’s the inflation fee within the UK?
Not too long ago, inflation within the UK has been hitting historic highs.
Nonetheless, this month, the ONSÂ introduced that the Shopper Costs Index rose by 8.7% within the 12 months to April 2023.
That is down from 10.1% in March. Nonetheless, meals inflation particularly stays stubbornly excessive.
The speed of inflation is again to single digits for the primary time since final summer season, predominantly attributable to fuel and vitality costs being extra steady than they have been in April of final yr.
Nonetheless, meals and non-alcoholic beverage costs have continued to rise, with an eye-watering inflation fee of 19.1%, albeit barely down on the earlier month (19.2%).
Inflation within the UK seems to have peaked at 11.1% in October 2022.
What are the inflation charges throughout Europe?
Inflation charges throughout Europe fluctuate, with some performing higher than the UK, some performing worse, and others hovering across the identical stage.
Extra: Trending
In keeping with Eurostat’s harmonised index of shopper costs (HICP), the inflation fee of the European Union (EU) for April 2023 was 8.1% (down from 8.3% in March 2023), that means the UK’s 8.7% continues to be greater than the bloc’s common.
The EU international locations performing worst are Hungary at 24.5%, Latvia at 15%, and Czechia at 14.3%, though all of these international locations noticed inflation lower within the earlier month.
Nonetheless, on the backside of the size, Luxembourg sees the bottom inflation fee at simply 2.7%, with Belguim’s 3.3% and Spain’s 3.8% simply above.
Hovering across the UK’s present fee of 8.7% are Italy (on the identical) and Croatia at 8.9%.
The broader Euro Space annual inflation fee was 7.0% in April 2023 – a 0.1% improve on the earlier month – however nonetheless decrease than the UK’s inflation fee.
The EU’s present common of 8.1% is down from its peak of 10.9% in September 2022, which was the very best the bloc has seen.
Earlier peaks have included July 2008, when the economic system noticed inflationary pressures attributable to a pointy improve in the price of oil, with inflation charges peaking at 4.4%.
Exterior of Europe, different international locations have additionally been fighting inflation with the US additionally seeing 40 yr excessive over the previous yr.
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