UK inflation rose at the fastest rate in at least 24 years in August as the price of transportation, restaurant meals and used cars spiked dramatically.
The annual rate of inflation rose by 3.2% in August, up from 2% in the 12 months to July, Britain's Office for National Statistics said Wednesday. The month-on-month increase is the largest recorded since the ONS began keeping records in January 1997.
GDP growth slowed sharply in July, posting its smallest monthly increase since February, the ONS said last week. A 'whiff' of stagflationThe economy remains 2.1% smaller than before the pandemic and economists at Berenberg now expect it to make a full recovery in the second quarter of 2022 instead of the first.
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