Mounting fears over inflation as CPI spikes AGAIN to 2.5%
Mounting fears over inflation as CPI spikes AGAIN to three-year high of 2.5% with fuel and food costs soaring amid warnings rate could be DOUBLE Bank of England's target within months Headline CPI rate of inflation was 2.5 per cent in June up from 2.1 per cent in May The level is highest in nearly three years and well above Bank of England target Fears mounting about the potential for inflation to run out of control after Covid
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Fears over inflation mounted today as the CPI rate spiked again to 2.5 per cent - the highest level in nearly three years.
The headline rate for June was up from 2.1 per cent the previous month, with food and motor fuel major factors.
The official figure again overshot the expectations of analysts, who had predicted an annual level of around 2.2 per cent. It is the fourth consecutive month in which CPI has increased, although many prices are rising from a low level due to the pandemic.
Some analysts are now suggesting that inflation could reach 4 per cent by the end of the year - which would be double the Bank of England's target.
Anxiety has been growing about the potential for prices to
