Inflation at Its Highest for 16 Years ; Pay Rises Fail to Keep Pace with Soaring Prices

Mail on Sunday › July 13, 2008

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Summary

INFLATION is running at its highest rate for 16 years as a result of soaring food and fuel prices, official figures for June will show this week.

Despite last week's decision by the Bank of England's Monetary Policy Committee not to change the base rate - taken with advance knowledge of this week's data - the rise in the cost of living seems certain to have continued last month.

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Extract

Inflation at Its Highest for 16 Years ; Pay Rises Fail to Keep Pace with Soaring Prices

In the 12 months to May, the Consumer Prices Index (CPI) rose by 3.3 per cent, compared with a rise of three per cent in t...

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