Rising Energy Costs, Expected to Drive Inflation , to an All-Time High in the UK.<br />'The Independent' reports that new data from the Office <br />for National Statistics will paint a clear picture of the , cost of living crisis , experienced by households across the UK.<br />Officials at the Bank of England <br />expect inflation to rise<br />over 10% in 2022.<br />According to 'The Independent,' forecasts predict 2022 <br />will see the highest one-year increase since the <br />Consumer Price Index began keeping records in 1998.<br />April's rise in prices was reportedly <br />driven by a surge in energy bills, which <br />went up 54% for an average household.<br />A survey by consultancy firm McKinsey found that rising inflation was the largest concern felt by respondents in the UK, followed by the war in Ukraine and the COVID pandemic.<br />A survey by consultancy firm McKinsey found that rising inflation was the largest concern felt by respondents in the UK, followed by the war in Ukraine and the COVID pandemic.<br />'The Independent' reports that inflation figures <br />could affect interest rates set by the Bank of England's, Monetary Policy Committee.<br />If confirmed, this would place huge pressure <br />on the Bank of England to continue raising <br />interest rates at upcoming meetings, Matthew Ryan, Analyst at financial services firm Ebury, via 'The Independent'.<br />Communications from the MPC have <br />turned increasingly dovish and largely <br />muddled in recent weeks, although <br />we think that upcoming inflation prints <br />will likely force the bank’s hand, Matthew Ryan, Analyst at financial services firm Ebury, via 'The Independent'.<br />On May 16, the Bank's governor, Andrew Bailey, said that <br />the high price of global energy and goods will impact <br />consumer demand and potentially increase unemployment.<br />On May 16, the Bank's governor, Andrew Bailey, said that <br />the high price of global energy and goods will impact <br />consumer demand and potentially increase unemployment.<br />The main driver of inflation and <br />what brings it down is the very big, <br />real income shock which is coming<br />from outside forces and, particularly, <br />energy prices and global goods prices, Andrew Bailey, Bank of England Governor, <br />via 'The Independent'
