Reports said that prices in the United Kingdom continue to rise, hitting another 40-year high of 10.1%. According to figures from the UK’s Office for National Statistics, the Consumer Prices Index (CPI) rose by 10.1% in the 12 months to September 2022, up from 9.9% in August.
It has been reported that the 10.1% figure mirrors July’s recent high.
ONS data stated:
"Rising food prices made the largest upward contribution to the change in both the CPIH and CPI annual inflation rates between August and September 2022."
However, the BBC reported that the Ukraine war led to an increase in grain prices, also sharing that dairy products have risen by over 30% in cost in one year. In recent months, British pound trading volumes soared on exchanges, while the pound almost hit parity with the dollar before the Bank of England got back to the business of printing money.
Jordan Walker, the CEO of the UK-based Bitcoin Collective, said:
"Given the current policies in place by BoE [Bank of England] and our government, double-digit inflation is quite obvious. I feel like it is a wake-up call for many people in the UK to start learning about why this is happening to our money."
The report said that Walker explained that hosting the UK Bitcoin Conference should help to teach people about “The ‘why’ and offer a solution which we believe is Bitcoin.”
James Dewar, the Founding Partner of UK-based Bridge2Bitcoin, said:
"There are two components to inflation. One is supply/demand mismatches caused by disruptions such as Covid, responses to Covid, and war. All we normally hear about are these, as politicians argue these are events 'outside' our control."
Thus, Dewar continued:
"What we don't hear so much about is that the other component of inflation is monetary and that since 2008 governments have encouraged central banks to both directly buy their debt (money printing) and indirectly to encourage them to get banks to increase lending (money printing)."