The inflation rate in the UK is still quite high. About this in an interview with CNBC declaration Treasury Secretary Jeremy Hunt.
“I think we all understand that we still have a long way to go. Inflation is still very high and growth is not as strong as we would like,” Hunt said.
According to him, just a few months ago, no one could have imagined that such inflation rates would continue in the country now. Therefore, the Bank of England’s decision to raise the key interest rate to 4.5% is quite correct as it will help alleviate some of the instability due to rising prices.
He added that we should now turn our full attention to reducing inflation in the country. Only after that can we speak of any rate of economic growth if its level can be reduced.
In early May, The Guardian cited Liberal Democrat leader Ed Davey’s appeal to the Competition and Markets Authority (CMA). WroteUK supermarkets have been urged to check price speculation due to rising inflation in the country.