Analysis: Bank of England faces tough call as apple prices rise by 25% and Omicron cases increase
- UK inflation jumps to 10-year high as petrol prices soar
- Q&A: what does the UK’s soaring inflation rate mean for you?
Things are moving fast for the British economy. Inflation has soared to the highest level in a decade, breaching 5% months earlier than expected. The headline figure masks much steeper rises for everyday items – the cost of apples and pears is up 25% in a year.
Meanwhile, consumer confidence is evaporating as the coronavirus Omicron variant spreads through the population with unprecedented pace.