Protesters filled the streets of London as thousands marched against the rise in the cost of living in Great Britain.
Inflation is no worse in Great Britain than it is here, but prices for food and fuel are rising faster because of the war in Ukraine. Imports of oil and grain from Russia and Ukraine have dropped precipitously, driving up the cost of the basics.
Prime Minister Boris Johnson is being criticized for not acting on the crisis. In fact, there’s little he can do.
Demonstrators carried banners with messages such as “Cut war not welfare.” They booed when they passed by 10 Downing Street, the prime minister’s residence, according to videos posted on social media.
Ben Robinson, who works for a housing charity in south London’s Brixton neighborhood, said the government doesn’t realize how bad things are going to be for the poor.
“We’ve got residents who are coming into our offices who are choosing between feeding their own kids, not themselves, their own kids, and paying rent and heating,” he said. “That is just not a choice that anyone should have to face, you know, in the fourth biggest economy in the world.”
Food price inflation in Britain is likely to peak at up to 15% this summer, while fuel prices are set to go through the roof.
Britain’s official rate of inflation hit a 40-year high of 9% in April and is forecast to surpass 10% later in 2022, when regulated energy tariffs are due to jump by a further 40%.
To tackle inflation, the Bank of England looks set to raise interest rates on Thursday for the fifth time since December. read more
However, that will mean higher mortgage costs for many households.
The IGD predicted the average monthly spend on groceries for a typical family of four would reach 439 pounds ($529) in January 2023, up from 396 pounds in January 2022.
Inflation in the U.S. is also expected to be near double-digits later this summer as the full impact of Biden’s idiotic energy policies bears its bitter fruit.