In the UK, inflation soared into double-digit territory in July and is now at the highest level since December 1990, according to the Office of National Statistics…(ONS)
- Y-O-Y: The Consumer Prices Index rose by 10.1% in the 12 months to July 2022, up from 9.4% in June and higher than economist predictions of 9.8%.
- M-O-M: Prices were up 0.6% in July when compared to last month.
Food continues to outpace other inputs thanks to a whopping 2.3% monthly jump from June to July. Food and non-alcoholic beverage prices have now risen 12.7% when compared to prices in July 2021.
Fuel prices increased by 2.9% for the month and are now up 43.7% for the year to July. This is the highest rate since before the start of the constructed historical series in January 1989. Housing and household services increased to 9.1% from 8.9% in June and are now at the highest level since March 1991. Restaurant and hotel prices rose to 9.0%, up from 8.6% in June…
- The only silver lining, if you can even call it that, was in clothing and footwear. Prices actually fell 1.5% for the month but still rose year-over-year to 6.6%, compared to the 6.1% increase reported in June.
So as bad as things are in the US it could always be worse. We could be in the UK…