According to the Office for National Statistics, consumer price inflation (CPI) rose by 8.7% in the last 12 months to May 2023, while core inflation (a measure excluding energy, food, alcohol and tobacco) rose by 7.1% during the same period.
Evidently, concern has been growing for many people but espcially amongst UK homeowners who could face higher mortgage payments, meanwhile some economists suggest interest rates could still rise as the Bank of England continues to tackle inflation.
Dr Edwards suggests multiple factors including supply chain disruptions caused by Brexit and the COVID-19 pandemic, a fall in Pound Sterling, and ‘a decade of poor productivity performance’ have all contributed to the rise in inflation.
Watch Dr Edwards on TRT World below.