Inflation flares up in US and UK due to Russia-Ukraine conflict -

London/Washington: Western countries that threatened to break the spine of the Russian economy with sanctions have been hit with a massive rise in inflation. The inflation index has reached new record levels in the United States and the United Kingdom, leaders of the anti-Russia campaign. Indications are that it would increase furthermore in the months to come. Therefore, it has been exposed that the populations of the western countries are the worst affected by the sanctions imposed against Russia.

Moreover, the inflation index in the United Kingdom reached 6.2%. This is a record for the last 30 years. There has been a significant rise in the prices of most essential commodities along with food grain, fruits and fuel. The prices have increased rapidly since the last three months and the British population has started complaining regarding the power tariff increase of nearly 50%. The fuel rates also have reached record levels and the effects are becoming apparent in every sector. The media claimed that the discontent is increasing as there is a feeling that the government is not taking appropriate steps to curb the price rise.

Bank of England, the central bank in the United Kingdom, has predicted that this increase can go up to 10% in the coming times. Although the bank has measured increasing interest rates to bring down inflation, it has not affected inflation. British Finance Minister Rishi Sunak has confessed that the expenses on daily needs have gone up in the United Kingdom, given the Russia-Ukraine war. The agency ‘Office of Budget Responsibility’ also has said that the cause of rising inflation is the Russia-Ukraine war.

Following the United Kingdom, inflation is scaling new heights even in the United States. The inflation index has reached 7.9% and this is the biggest increase in the last four decades. The inflation index has not declined even once after Biden took over the reins of the United States. Since November 2021, a consistent increase has been noticed in the United States for 14 successive months. President Biden, who is patting his own back for imposing sanctions against Russia over the Ukraine war, has put the entire blame for the inflation in the United States on Russia, saying that he is helpless in the matter.

Economists and analysts are warning that inflation is flaring up in leading countries like the United States and the United Kingdom and this could culminate into a global economic recession.