London given sharply rising prices and energy costs the British economy barely grew in July. According to official data from Monday, the gross domestic product (GDP) increased by only 0.2 percent compared to the previous month.
Economists polled by Reuters had expected growth to be twice as strong. According to the National Statistics Office (ONS), the drop in energy production of 3.4 percent in particular suggests that end consumers have reduced their electricity consumption because of the galloping prices.
Electricity costs shot up by 54 percent year-on-year in July. The central bank in London recently warned that the economy was in danger of slipping into a recession towards the end of the year.
the Inflation rate on the island is already in double digits. Economists are expecting a slight increase to 10.2 percent for the August consumer price data due on Wednesday. The new Prime Minister Liz Truss last week unveiled a multi-billion dollar plan to deal with the energy crisis.
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