UK inflation has hit a 40-year high — and we're going to feel this in Australia

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UK inflation has hit a 40-year high — and we're going to feel this in Australia
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Inflation is soaring to new highs in major global economies and Australia is not immune.

Another major economy has just recorded a large increase in inflation — a key measure of the cost of living.UK inflation is now sitting at a 40-year high.Gas, electricity bills a major contributor to inflation in UK

Those fears were realised on June 15 when the Federal Reserve increased its benchmark interest rate by the highest amount since 1994.But the war in Ukraine and supply constraints generated by the pandemic are the biggest culprits. The power producers are scrambling to fix the problems with their power plants, but the parts required to repair them are not always readily available due to shortages.The spot market is where energy generators and retailers meet to help determine the price households pay for power by assessing the demand and supply of power available for customers.

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