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Podcast: Beyond Currency
Episode: Bank of England to risk recession with another 50bp
Description: Increases in the cost of several staple foodstuffs more than offset the fall in the price of petrol, as the UK recorded a headline rate of inflation of 10.1% in July.
The country now has the highest rate of inflation in the G7. The core rate of inflation, which records price rises with volatile items such as food and energy stripped out also rose, from 5.8% to 6.2%.
With the price of petrol now averaging around 168p per litre, having reached 200p earlier in the year, the cost of the shortages created by the ongoing conflict in Ukraine hit home.
As the outlook...