After months of steady inflation, the UK’s inflation rates have risen to a decade high at 4.2%.
Source: Consumer Prince Index
This is a result of various factors. The increasing demand for gas and electricity has pushed prices up globally. Higher energy bills are expected for households as well as businesses. Extra costs for business will be reflected in the price of goods.
Shortages in supplying goods such as building materials have caused prices to go up.
Wages for lorry drivers and hospitality workers have increased due to shortages partially due to the pandemic.
In South Ealing, shop keepers are worried about coping with extra charges and students say they will be having a smaller Christmas to cope with costs.
Bank of England Governor Andrew Bailey Consumer apologises as price may rise to 5% in December before falling again.