Sumary of UK inflation strikes nine-year peak as economy reopens:
- The Consumer Prices Index (CPI) soared to 3.2 percent, the highest level since March 2012, the Office for National Statistics said in a statement.
- “However, much of this is likely to be temporary as last year restaurant and cafe prices fell substantially due to the ‘Eat Out To Help Out’ scheme, while this year prices rose.
- “The vast majority of August’s rise was due to comparisons with a weak 2020, with last August having seen both the VAT cut for the hospitality sector and the Eat Out to Help Out scheme,” noted EY economist Martin Beck.
- Story continuesEconomists worry that surging global inflation will continue to weigh on the world’s economic recovery.