- By Dharshini David
- Global trade correspondent, BBC News
5 hours ago
Image source, Getty Images
Inflation is still higher in the UK than in many other rich nations so interest rates may yet stay higher for longer.
So how is the UK fairing in other parts of our economic wellbeing? Include growth, jobs and taxes and it’s a mixed picture.
Inflation
For all the talk of lower inflation, it still means prices are a painful 7.9% higher in the UK than a year ago. In the EU, that rate is 5.5%, it’s even lower in the US at 3%.
Britain experienced the worst of both sources of price shocks impacting rich countries – last year’s spike in energy and food costs prompted by the war in Ukraine, and a post-pandemic shortage of workers.
Like the EU, the UK buys in a lot of energy – but the effects of the fall back in wholesale gas prices is taking longer to show in our inflation numbers
This is because of the later introduction of energy support and price…
