Inflation levels continue to soar
Inflation levels in the UK have been at the centre of concern for the Bank of England and other government sectors for some months now, having rocketed to way over the government’s target earlier this year, and showing signs that the rise is set to continue. The government target for CPI inflation is 2%, but for the past few months it has soared out of control. In May the level of inflation hit 3.3%, and this resulted in the governor of the Bank of England, Mervyn King, having to write to the Chancellor of the Exchequer, Alistair Darling, to explain why inflation levels had soared so high, and what was going to be done to bring them back towards target.
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