COST OF LIVING CRISIS IN THE UK

The GDP growth forecast this year fell to 3.8%, down from a previous estimate for growth of 6% when its last predictions were published in October.

WHAT IS INFLATION ?

Inflation is the rate of increase in the cost of living over a given period of time. It is typically a broad measure, such as the overall increase in prices. But it can also be more narrowly calculated—for certain goods, such as food, or for services, such as a hairdressers, for example. Whatever the context, inflation represents how much more expensive a particular set of goods and/or services has become over a certain period, most commonly a year. rate ici, taux / typically généralement / broad général, global / overall global / narrowly ici, précisément / good bien / hairdresser coiffeur / set catégorie / commonly communément, généralement.

The annual inflation rate was 6.2% in February, and is likely to average 7.4% for the rest of this year, but with a peak of 8.7% in the final quarter of 2022. That’s the highest inflation reading since March 1992 as soaring energy costs, fuel bills and food prices drive the worst cost of living squeeze in decades.

to be likely to devoir (être prévu) / to average atteindre une moyenne de / quarter trimestre / reading observation, relevé / soaring en très forte hausse / fuel carburant / bill facture; ici, coût / squeeze restriction, diminution.

Living standards in Britain are expected to fall at the fastest annual rate since the mid-1950s and will take until at least 2024 to return to pre-Covid levels, according to the government’s independent economic forecaster. living standard niveau de vie / according to d’après, selon / forecaster prévisionniste.

The Office for Budget Responsibility (OBR) estimates that real household disposable income per person could fall by

2.2% in 2022-23 as earnings from work fail to keep pace with soaring inflation.

household (des) foyer(s)/ménage(s) / disposable ici, disponible / income revenu(s) / earnings recettes, revenus / to keep, kept, kept pace with suivre le rythme de.

Energy bills for an average household, are already set to rise to £1,971 in April, and could hit £3,000 in October. to be set to devoir (être prévu) / rise, rose, risen to augmenter / to hit, hit, hit atteindre.

GDP = gross domestic product PIB (produit intérieur brut) / growth croissance / estimate estimation.