‘Not a Given’ UK Inflation Will Slow This Year, Says Finance Minister Rishi Sunak

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In a recent statement, UK Finance Minister Rishi Sunak cautioned that it is not a given that inflation in the country will slow down in the coming year. Sunak pointed to ongoing uncertainty surrounding Brexit and the ongoing COVID-19 pandemic as key factors that could impact the rate of inflation in the UK. His comments come as the Bank of England recently predicted that inflation in the country could rise to as high as 2.75% in the near term, well above the bank’s target rate of 2%. Sunak urged the public to remain vigilant and to continue to monitor economic developments closely.