U.K. Inflation Hits 9.4%

“The U.K.’s annual rate of inflation rose to a new four-decade high, outpacing increasingly rapid wage growth and weakening the country’s economic outlook during a period of political vacuum,” the Wall Street Journal reports.

New York Times: “Since Russia invaded Ukraine, energy, commodity and food prices have jumped higher, worsening inflation around the world. But in Britain, this had collided with a tight labor market that is encouraging employers to offer higher wages and increase prices for their goods and services. For policymakers, there is now a difficult balancing act between raising interest rates to tackle inflation, which is running far above the rate targeted by the Bank of England, and not exacerbating a cost of living crisis by tipping the economy into a recession.”