FINANCIAL EDUCATION FOR YOUNG PEOPLE šØāšš©āš
42% Year-On-Year Increase In Petrol Prices
UK inflation, the rate at which prices rise, jumped to 9.4% in the 12 months to June (basically from June 2021 to June 2022) from 9.1% in May, the Office for National Statistics (ONS) said.
Wait, What Exactly Is Inflation?
Inflation is a measure of the increase of cost for everyday goods over a period of time, in other words, it tells us how fast things are rising year-on-year.
For more insights on inflation and the cost of living crisis, check out our #COLC 2min read from our analyst Anfel here š©
šTwo Reasons Why Inflation Is So High In The UK Right Now
Inflation has been driven by the rising costs of fuel and energy bills (with average gas and electricity prices up by 53.5% and 95.5% respectively compared to a year ago),
And the ongoing Russia-Ukraine war, disrupting Russia's oil and gas demand and supply has had a global impact on energy prices.
Inflation Tracker - Rate Change (as of 20th July 2022) š
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