U.K. GDP grows by 0.2% in July

According to the Office for National Statistics (ONS), the gross domestic product (GDP) of the United Kingdom increased by 0.2% in July compared to the previous month.

ONS said of the decline in generating capacity that such signs may indicate that consumer behavior has changed, including a slowdown in demand due to higher prices.

The Bank of England (BoE) released a report last month warning that the U.K. economy will enter recession from the fourth quarter of 2022 until the end of 2023 – the longest period since the global financial crisis. UK household incomes will fall sharply in 2022-2023 as consumption begins to shrink.

The U.K. is facing a severe inflation crisis. Citigroup analysts warned that the UK Consumer Price Index (CPI) will reach 18% in January 2023, due to rising energy prices.

The U.K. Office for National Statistics recently announced that the consumer price index (CPI) in the United Kingdom rose by 10.1% year on year in July. It thus reached its highest level in 40 years or since February 1982 (9.4% in June).

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