• About
  • Advertise
  • Privacy Policy
  • Contact
Tuesday, July 8, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

UK Inflation Hits Highest as Food Drives Prices up

June 22, 2022
Stephen M.Cby Stephen M.C
in UK
0
UK Inflation Hits Highest as Food Drives Prices up

A Supermarket

Prices in the UK are continuing to rise at their fastest rate for 40 years due to climbing food, energy and fuel costs.

The Office for National Statistics (ONS) said UK inflation, which is the rate at which prices rise, edged up to 9.1% in the 12 months to May 2022, from 9% in April 2022. Higher food prices, particularly for bread, cereal and meat, helped drive the latest rise in the cost of living.

It has led to workers and unions pushing for pay rises to help them cope with soaring prices. But the government warned against employers handing out big increases in salaries over fears of a 1970s-style “inflationary spiral”, where prices continued to rise as wages went up. Currently, inflation is at the highest level since March 1982, when it also stood at 9.1% and the Bank of England has warned of it reaching 11% this year.

RelatedPosts

UK, France Eye Joint Action On Channel Crossings

Reeves Faces Pressure Over Welfare Climbdown Costs

Corbyn And Sultana Plan New Left Party

The Breakdown of Inflation

Inflation is the pace at which prices are rising. For example, if a bottle of milk costs £1 and that rises by 5p compared with a year earlier, then milk inflation is 5%.

Following a BBC-commissioned survey of more than 4,000 people, 82% said they thought their wages should increase to match the rising price of goods and services. Households were hit by an unprecedented £700-a-year increase in energy costs in April 2022, and fuel price rises in June 2022 signalled that it costs more than £100 to fill an average family car with petrol.

Rail workers walked out on Tuesday, June 21, 2022, causing severe disruption, with further strikes planned for Thursday, June 23, 2022, and Saturday, June 25, 2022, in a dispute over pay, jobs and conditions.

The Call of Unions

The Rail, Maritime and Transport (RMT) union is calling for a pay rise of 7%, while employers offered a maximum of 3%.

Unison, which represents public sector workers, accused ministers of “living on another planet” over “talks of public sector pay restraint”. It pointed out that “Under-pressure health, care, school and council services desperately need staff to be given a pay boost that matches runaway prices”.

The biggest teachers’ union is also warning of potential industrial action over pay. The National Education Union (NEU) criticized government proposals for a 3% pay increase for most teachers in England, and called for an “inflation-plus increase for all teachers”.

But Dominic Raab, who is the Deputy Prime Minister of UK disclosed to the media that “We have got to stop making the problem worse by fuelling pay demands that will only see inflation stay higher for longer and that only hurts the poorest the worst”.

Adjusting to the new Norm

The ONS said rising prices for food and non-alcoholic beverages helped fuel inflation in May 2022. Also, Russia’s war in Ukraine severely restricted wheat and maize supplies, which are used to make bread and cereals, from two of the world’s biggest exporters.

Ukraine is also a major producer of sunflower oil, which indirectly means the costs of alternatives have also climbed. A forecast by market reach firm Kantar revealed that the average annual grocery bill in the UK is set to rise by £380 this year (2022). Supermarket Asda told reporters that some shoppers are setting £30 limits at checkouts and petrol pumps, with customers putting less in their baskets and switching to budget ranges.

READ ALSO: Ghana’s Economy Records 3.3% Growth In Q1 2022

Tags: Food PricesinflationUK
Please login to join discussion
Previous Post

Bill Cosby found liable for sexual abuse of minor at Playboy Mansion 

Next Post

Global Energy Investment Set to Grow by 8% in 2022, IEA Says

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.

Related Posts

Ghana, Korea Forge Stronger Climate Alliance to Drive Sustainable Growth
Extractives/Energy

Ghana, Korea Forge Stronger Climate Alliance to Drive Sustainable Growth

July 8, 2025
Mark Badu-Aboagye, Economy, Cost
Economy

24-Hour Economy Policy Alone Not Enough – GNCCI Warns

July 8, 2025
Darfur Groups Stall Cabinet Over Power-Sharing Demands
Africa

Darfur Groups Stall Cabinet Over Power-Sharing Demands

July 8, 2025
Richard Kumadoe, a seasoned Security Consultant
General News

Triad of factors Driving Ghana’s Fight against Crime

July 8, 2025
Trump Rebuffs Putin’s Offer To Aid Israel-Iran Conflict Mediation
USA

Trump Cranks Up Tariff Blitz

July 8, 2025
DIHOC Inaugurated to aid industrialization
General News

DIHOC Inaugurated To Power Ghana’s Defence Drive

July 8, 2025
Ghana, Korea Forge Stronger Climate Alliance to Drive Sustainable Growth
Extractives/Energy

Ghana, Korea Forge Stronger Climate Alliance to Drive Sustainable Growth

by Prince AgyapongJuly 8, 2025
Mark Badu-Aboagye, Economy, Cost
Economy

24-Hour Economy Policy Alone Not Enough – GNCCI Warns

by Silas Kafui AssemJuly 8, 2025
Darfur Groups Stall Cabinet Over Power-Sharing Demands
Africa

Darfur Groups Stall Cabinet Over Power-Sharing Demands

by Lawrence AnkutseJuly 8, 2025
Richard Kumadoe, a seasoned Security Consultant
General News

Triad of factors Driving Ghana’s Fight against Crime

by Evans Junior OwuJuly 8, 2025
Trump Rebuffs Putin’s Offer To Aid Israel-Iran Conflict Mediation
USA

Trump Cranks Up Tariff Blitz

by Comfort AmpomaaJuly 8, 2025
DIHOC Inaugurated to aid industrialization
General News

DIHOC Inaugurated To Power Ghana’s Defence Drive

by Lilian AhedorJuly 8, 2025
Ghana, Korea Forge Stronger Climate Alliance to Drive Sustainable Growth
Mark Badu-Aboagye, Economy, Cost
Darfur Groups Stall Cabinet Over Power-Sharing Demands
Richard Kumadoe, a seasoned Security Consultant
Trump Rebuffs Putin’s Offer To Aid Israel-Iran Conflict Mediation
DIHOC Inaugurated to aid industrialization
[/vc_row_inner]

Recent News

  • Ghana, Korea Forge Stronger Climate Alliance to Drive Sustainable Growth
  • 24-Hour Economy Policy Alone Not Enough – GNCCI Warns
  • Darfur Groups Stall Cabinet Over Power-Sharing Demands
  • Triad of factors Driving Ghana’s Fight against Crime
  • Trump Cranks Up Tariff Blitz
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.