UK inflation rises to highest rate in 40 years as cost of living crisis deepens

Channel 4 News published this video item, entitled “UK inflation rises to highest rate in 40 years as cost of living crisis deepens” – below is their description.

Butter, milk, ready meals and bread. They’re all soaring in price, and the rising cost of food has helped to push inflation into double digits – its highest level for more than 40 years.

Labour said families were now “worried sick” about how to manage and accused the government of failing to deal with the scale of the crisis, although the chancellor insisted people would be getting extra help with fuel bills.

But the Bank of England has warned that the cost of living is set to rise even higher.

Channel 4 News YouTube Channel

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About This Source - Channel 4 News

Channel 4 News is the news programme from UK Channel 4 television. Channel 4 is a British public-service free-to-air television network headquartered in Leeds, United Kingdom. The channel was established in 1982 to provide a fourth television service to the United Kingdom in addition to the licence-funded BBC One and BBC Two, and the single commercial broadcasting network ITV.

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In This Story: Bank of England

The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government’s banker, and still one of the bankers for the Government of the United Kingdom, it is the world’s eighth-oldest bank.

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In This Story: Inflation

In economics, inflation refers to a general progressive increase in prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money.

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