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UK inflation hits 40-year high

The Office for National Statistics reported that UK inflation surged to a fresh 40-year high in June, soaring to 9.4% on a yearly basis. In May, the ONS posted a figure of 9.1%, slightly below the current CPI value. Reportedly, rising fuel and food prices triggered the increase. However, they were slightly offset by falling second-hand car and audiovisual device prices. In 2022, UK households’ incomes may face an acute drop due to skyrocketing prices. When adjusted for the inflation rate, average earnings are likely to nosedive by 3.4%. Experts predict that average household spending may reach £2,370, or $2,900, this year. Earlier, Daily Mail predicted the strongest economic shock in the UK since 1973 because of shifts in oil prices.

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