Recession fears grow as inflation rises worldwide

Not only India, the whole world is in the grip of inflation. Inflation is making new records with each passing day. The biggest increase is being recorded in the price of food, energy and fuel. According to the report of the Office for National Statistics (ONS), the inflation rate in the UK has broken the record of the last 12 months. Inflation rate has increased from 9 percent to 9.1 percent in 12 months.

Things may be like the year 1970

If we talk about the prices of food items, especially bread, cereals and meat, the highest increase is being recorded in the last few years. With the rise in the cost of food items, it is becoming costly to run the household expenses. In such a situation, unions and workers are demanding increase in daily wages. But the government warned that if there is a big increase in the salary by the company, then there will be an increase in the prices along with the increase in salary like in the year 1970.

Inflation rate may be 11 percent

Inflation in the UK has broken the record for the last nearly 40 years. This is the first time since 1982 that the inflation rate has gone up to 9.1 percent. Also, the Bank of England has projected the inflation rate to reach 11 percent.