One million vacancies and soaring wages fuel UK inflation fears
CNN
Job vacancies in the United Kingdom hit a record high last month and wages soared by 7.4% between April and June, adding to fears of a prolonged period of rising prices as companies pass on higher costs to consumers.
The strong recovery in the labor market was highlighted in data published Tuesday by the Office for National Statistics and it could further fuel inflationary pressures in the UK economy. That could prompt the central bank to hike interest rates as early as May 2022, according to some economists. There were a record 953,000 vacancies in the United Kingdom on average over the three months to July — 168,000 more than the first quarter of 2020 before coronavirus restrictions were introduced.
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