Bank of England - Sputnik International, 1920, 30.06.2022SubscribeUSIndiaGlobalYear-on-year inflation in the United Kingdom has reached 9.1%, marking the highest point since 1982 – and it looks like the numbers will only go higher.The governor of the Bank of England, Andrew Bailey, has warned that inflation will hit Brits harder than other major economies in the wake of the ongoing energy crisis.“I think the UK economy is probably weakening rather earlier and somewhat more than others,” he said. “There will be circumstances in which we will have to do more.”With energy prices soaring amid the West’s collective push to sanction Russia over its military operation in Ukraine, the UK is among those most affected, with its annual inflation eclipsing 9%. According to Bailey’s estimates, things are unlikely to get better any time soon. His gloomy forecast was accompanied by a pledge to aggressively increase interest rates in response.Bailey said it was possible that rates would be raised by 50 points at the BoE’s next meeting in August, noting that the bank had many options of forceful action.The UK is not the only nation to struggle with economic hardship following the West’s decision to impose sanctions on Russia over the military operation in Ukraine. Heads of the US Federal Reserve and European Central Bank also offered pessimistic views on the period to come, indicating that it is likely to be marked by high inflation.The Eurozone has reported year-on-year inflation of 8.1%, with the US reaching 8.6% and Canada crossing 7.7%.



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