UK Faces ‘Apocalyptic’ Food Prices Is this what an inflation apocalypse looks like? Digging into Wednesday’s UK inflation data does not paint a very happy picture for the economy and begs the question whether high inflation may end up being the cure for high inflation. These are certainly eye-watering, superlative-prompting inflation rates that will inevitably dampen discretionary spending and weigh on growth. Sure, the labor market may remain tight, but aggregate real wages are negative, with the increase more than double the pace of basic wage growth. Looking at some of the details: The consumer price index rose 9% year-on-year for April, the highest inflation rate in the data dating back to 1989. The total contribution from energy (including fuel) to the headline growth in prices rose to 3.2 percentage points, with pressure from core goods leveling off somewhat. For producer-price inflation, annual input prices showed the highest rate […]