Inflation’s pace slowed in January in Great Britain for the third consecutive month, easing back to 10.1 percent per year from December’s rate of 10.5 percent, the Office of National Statistics reported.
The Bank of England raised its key interest rate to 4 percent on 2 February, its tenth hike in as many meetings, but indicated it may pause its campaign of rising rates now that energy prices and consumer demand are softening.
However, the bank’s policy makers worry that the current spike in worker pay, now about 10 percent on a yearly basis, could press prices higher and spur inflation to an even faster pace.
Employee pay has lagged inflation for much of the past year, cutting real incomes.
Now businesses are cutting back on hiring as more people are returning to work, according to The Wall Street Journal.
A looser jobs market would slow wage growth and ease the pressure that rising wages puts on prices and, therefore, inflation.
TREND FORECAST: This was a big story in the business media. Happy Days are back in the U.K. because inflation went down. Down? It is still in the 10 percent range. Yet there was never a mention of how costly the rising costs are to consumers who are taking to the streets in masses.
Last year according to the U.K.’s Office for National Statistics (ONS), some 2.5 million working days were lost as strikers took to the streets to protest their wages slumping while living costs soared.
In December 2022 alone, ONS reported that 843,000 working days were lost. Therefore, as conditions worsen, expect more people to strike… it is part of the New World Disorder Top Trend.