UK inflation has dropped to 3.6% but it remains well above the Bank of England’s 2% target. Beyond broader global uncertainties, there are also factors within our own homes that are quietly sustaining this stubborn issue. Namely, automatic annual price uplifts in everyday contracts for things like mobile phones and utilities.
UK inflation is expected to become the highest in the G7 this year and next. In turn, surging costs for fuel, raw materials and transport are putting pressure on businesses.
