Soaring Food Prices Amid Overall Inflation Drop Sparks Concern
Brexit-supporting economist, Julian Jessop, has voiced his dismay over today’s inflation data, criticising the Bank of England for allowing inflation to surge out of control.
The Office for National Statistics (ONS) has released figures that show a year-on-year decrease in overall inflation, dropping to 8.7% from 10.1%. Nevertheless, the cost of food continues to increase at an alarming rate of over 19%.
Chancellor Jeremy Hunt has conceded to the ongoing issue of fast-rising food prices. Despite the hardship of the current situation, he expressed optimism for the future.
He believes that while the downward trend in inflation is promising, the nation cannot afford to be complacent as the struggle is far from over. Jessop echoed this sentiment, stressing on the need to stabilise the remaining elements of inflation that are still on an upward trajectory.
Key Points:
- The ONS reveals an overall inflation drop from 10.1% to 8.7% year-on-year, yet food prices are surging at over 19%.
- Economist Julian Jessop criticises the Bank of England for its lack of control over inflation.
- Chancellor Jeremy Hunt acknowledges the problem of escalating food prices and stresses the need to stay vigilant.
