cost thrust in autumn: 9-euro ticket presses the German inflation for the time being
oil and eggs became more expensive, local transport was cheaper. Overall, the price increase dropped slightly. In autumn, however, experts fear re -inflation. © Photo: Arne Dedert/dpa In the second month in a row, inflation-also because of the nine euro ticket. tank discount and nine euro ticket dropped the German inflation rate in July the second month in a row . On average, goods and services cost 7.5 percent more than a year earlier, as the Federal Statistical Office confirmed an earlier est
The rapidly increasing financial pressure on millions of families across the UK will be laid out on Wednesday as experts predict the biggest jump in the cost of living in more than four decades. © Joe Giddens Fuel prices are expected to have driven inflation higher in July (Joe Giddens/PA)
Inflation is expected to have hit close to 10% as the price of diesel and petrol rose across the country and gas and electricity prices soared in Northern Ireland.
Consumer Prices Index (CPI) inflation will likely reach 9.8%, according to an average of analysts’ estimates calculated by Pantheon Macroeconomics.
The official figures are released by the Office for National Statistics (ONS) at 7am on Wednesday.
Inflation: Germany will adopt a package of tax measures valued at 10 billion euros to mitigate the surge in
prices among these measures is the increase in the amount of family allowances. © supplied by Franceinfo Germany wants to limit the Inflation at all costs. The German Minister of Finance, Christian Lindner, announced on Wednesday August 10, that Berlin was going to adopt a series of tax measures in the amount of 10 billion euros in 2023 to alleviate the flight of prices .
It would be the highest since February 1982, when CPI reached 10.4%, according to ONS estimates.
It would also be a big step up from inflation of 9.4% in June this year. However, worse is yet to come, according to experts.
Inflation is expected to peak later this year at 13.3% and will push the UK into a recession, according to the Bank of England.
The rise will come as the energy price cap – which regulates what more than 20 million households pay for their gas and electricity – rises in October.
The cap is set to hit around £3,635 according to the latest predictions. It is an 84% rise from today’s already record high price cap.
Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said that motor fuel prices rose by 3% month-on-month in July, which will help push up inflation.
Tesco has ditched more than 100 of its cheapest own brand products since 2019
Since 2019, Tesco has reduced the number of its value products from 422 to 316, according to figures by analyst firm Assosia for The Grocer Magazine. It comes as Britain's economy was today revealed to have shrunk by 0.1 per cent in the second quarter of 2022, as fears over the cost-of-living is seeing cash-strapped families tighten their belts. Meanwhile, experts at the energy consultancy Auxilione said they expect household bills to hit £4,538 in January and peak at £5,277 in April - and analysts have suggested prices will not return to 2020 levels for a decade.
Meanwhile in Northern Ireland, SSE Airtricity jacked up the price of the gas it sells to households by nearly 43%, while Power NI increased electricity prices by more than 27%.
Northern Ireland is not covered by the Ofgem price cap as its gas and electricity system is closely linked with the Republic of Ireland.
CMC Markets analyst Michael Hewson said that inflation in the US has started to retreat from its 40-year peaks.
“However, this doesn’t seem likely here in the UK with most forecasts suggesting we could see 10% in the July numbers this week,” he said.
Experts think that the measure could dip in August before soaring again in September and October.
“Looking ahead, CPI inflation probably eased in August largely due to a 7% or so month-to-month fall in motor fuel prices,” Mr Tombs said.
He added that retailers are expected to slow the pace of their price rises soon.
He added: “But the relief for households will be short-lived, due to the impending 80% or so jump in Ofgem’s price cap”. This could push up inflation by nearly four percentage points in October.
United Kingdom: The strike in a port threatens the supply of supermarkets .
© Ben Stansall / AFP U not growing to denounce the consequences of Inflation . The ongoing strike for wages in the largest FRET port of the United Kingdom will result in "serious disruptions" in the logistics chain, said on Monday, a UNITE union official.