Inflation in the UK is rising rapidly, ahead of forecasts of the Bank of England

According to Bloomberg, data from the UK is expected to be published, which will show that prices rose by 9.8% in July. This is the latest step towards March growth, which, according to forecasts of the Bank of England, will exceed 13% by October.

Inflation in the UK is rising rapidly, ahead of forecasts of the Bank of England

The release is the centerpiece of a flurry of UK data, which also features reports on unemployment, wage growth, retail sales and government finance.

Inflation peaks later and is higher in the UK than in the US, partly as a result of the energy price capping mechanism, which slows down the transmission of higher prices to British households. Cornwall Insight has predicted that a typical annual bill will rise by about 81% in October to over £3,500.

The publication reports that the price hike is increasing pressure on the UK government to help consumers more and is forcing the Bank of England to take decisive action to rein in headline inflation, which is already nearly 5 times the official 2% target.

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