UK Inflation Jumps to 3.8% - Highest in 19 Months

Inflation rockets to 3.8% as UK economy hits boiling point.

Price surge hits 19-month high - traditional finance wobbles while crypto stands firm.

Another day, another fiat currency getting wrecked by central bank policies. Meanwhile, Bitcoin's sitting pretty with its fixed supply laughing at this inflationary circus.

What’s Pushing the UK’s Inflation Figures?

According to ONS chief economist Grant Fitzner, ““

Food price inflation has also continued to surge in the UK. Items such as coffee, fresh orange juice, meat, and chocolate have seen their most significant rises in recent times. Petrol and diesel prices have also gone up, compared to a dip this time last year.

UK Chancellor Rachel Reeves highlighted that inflation was still much lower than the double-digit figure under the previous government. Reeves stated that there is much to do to stabilize public finances and ease the cost of living.

No Interest Rate Cut In The UK?

The higher-than-expected inflation numbers will likely thwart any chances of an interest rate cut for the UK. According to James Sproule, chief UK economist at Handelsbanken, ““

Meanwhile, inflation in the US came in lower than what experts predicted for July. A rate cut from the Federal Reserve is highly expected next month. Producer price index (PPI) figures have gone up. The high PPI numbers may cause the Federal Reserve to keep interest rates unchanged.