Channel: ITV News

Category: News & Politics

Tags: #inflationeconomy#bankofengland#costofliving

Description: Inflation is high and rising. The worst is yet to come. The Bank of England believes that a painful squeeze on our living standards, driven, primarily, by soaring energy prices, is set to intensify and will push the UK economy into recession later this year. The annual headline rate of inflation is currently 7%. The Bank calculates it is heading for double-digits, peaking above 10% in the autumn. A record high. The UK economy is being hit by a series of shocks. The upheaval caused by a succession of lockdowns to contain Covid-19 has been followed by Russia’s invasion of Ukraine, which has further inflamed the international market price of gas, oil and a series of other commodities. • Subscribe to ITV News on YouTube: bit.ly/2lOHmNj • Get breaking news and more stories at itv.com/news Follow ITV News on Facebook: facebook.com/itvnews Follow ITV News on Twitter: twitter.com/itvnews Follow ITV News on Instagram: instagram.com/itvnews