UK inflation hits 9% – the highest rate in 40 years
Electricty up 54%
Gas up 96%
Food up 7%
and who’s to blame? THE GOVERNMENT
— Aleksandra Huk (@HukAleksandra) May 18, 2022
JUST IN: 🇬🇧 UK Inflation reaches 9%, the highest it’s seen in 40 years.
— Watcher.Guru (@WatcherGuru) May 18, 2022
Meanwhile in US – JPMorgan Sees Gas Prices Hitting $6.20 By August
Moments ago we reported that for the first time in US history, gasoline in every single state is above $4/gallon, while the national average US retail gasoline price just topped $4.50 a gallon today, also for the first time. That’s up about 50 cents from a month ago, and a massive jump from $3.04 per gallon on the same day in 2021. While shocking, in just a few months, these numbers may seem quaint and quite low.
With expectations of strong driving demand — the US summer driving season starts on Memorial Day, which lands this year on May 30, and lasts until Labor Day in early September — JPMorgan’s commodity strategist Natasha Kaneva warns that US retail prices could surge another 37% by August to a $6.20/gal national average.
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