With inflation at its highest level in nearly a decade, are the British no longer able to celebrate Christmas?

According to foreign media reports, official data from the British government showed on Wednesday that amid soaring energy costs , prices in the UK soared at the fastest rate in nearly a decade in October . Wage increases have not kept up with price increases, and the British have said they have no money to celebrate the holidays!

The Office for National Statistics said inflation accelerated to 4.2% in the 12 months to October from 3.1% the previous month. The faster-than-expected rate of growth pushed inflation to its highest level in nearly a decade . It also means that most people will have to endure a drop in living standards before Christmas , as continued high inflation has led to relatively low household incomes.

Data shows that the UK economy is clearly lacking momentum to recover from the coronavirus pandemic . Even if relevant institutions regulate, it will not have much effect, because a large part of the increase in inflation is caused by some temporary factors related to the epidemic , such as supply shortages and logistics congestion. After the epidemic eases, the increase in inflation next year may be lower than expected.

Last week, foreign media reported that the annual inflation rate in the United States reached 6.2% , the highest level in nearly 31 years. European countries are also recording similar peaks . Francis O'Grady, general secretary of the umbrella Trade Union Congress, said: "With prices rising faster than wages, many families will find it difficult to maintain basic living expenses, let alone Christmas celebrations. "

Rising inflation, currency depreciation, and rising prices, this series of chain reactions will directly affect the consumption level of ordinary people. Moreover, the British have never had the habit of saving. Once prices rise, they may have to tighten their belts and reduce consumption. In addition, the big sale is coming, which may not be good news for Amazon sellers.

This year's Black Friday Cyber ​​Monday will officially begin on November 25th. According to relevant media reports, British consumers' enthusiasm for Black Friday Cyber ​​Monday continues to be high, and overall sales are expected to increase by 6.8% over last year. This year will also be the best Black Friday Cyber ​​Monday sales opportunity in history for retailers .

Inflation

U.K.

Christmas