"UK Inflation Continues to Soar Amidst Brexit and Cost of Living Crisis"

In the UK, the "core CPI" and services CPI had scary month-to-month spikes that pushed them to multidecade highs, while food inflation continued to rage at an annual rate of over 19%. Energy prices dropped, but the inflation game of Whac-A-Mole continues with goods prices surging again. The Bank of England has been increasing its policy rate too late, too little, and too slowly to get a handle on this. UK government bond yields spiked, pricing in higher BOE policy rates.