Across the globe, people continue to wrestle with the impacts of inflation. As the costs of living, doing business, and otherwise moving through the world increase, wages are not following suit.
In fact, many people are losing income amid job layoffs or reduced hours. As employers feel the sting of inflation, they have to make decisions, such as lowering overhead costs, to avoid going out of business altogether.
Across the pond in the United Kingdom, the annual inflation rate dipped slightly. Though, British experts still maintain that it’s far from reaching the ideal target of 2%.
Now, a leading economist with the Bank of England is making it crystal clear that the fight against inflation isn’t even close to being over with.
What the general public needs to know about inflation
Chief economist Huw Pill expressed this week that the Bank of England remains committed to lowering British inflation to 2%. So far, the current rate of inflation across the pond is over three times higher than this.
