UK Inflation Hits Grim Highs
UK inflation remains stubbornly high, with core inflation going up even as it declines in other major economies. The Bank of England may need to create a recession to nip in the bud a spiral of wages going up and pushing up prices, according to a respected City economist. The government's post-Brexit policies on trade and workers may have lessened competitive pressures that would have brought inflation down more rapidly. The already tricky balancing act between inflation and recession is getting worse, and it may require more than just the Bank of England to do the heavy lifting.