London (UK) – Bank of England has forecasted that the inflation rate might top 40-years high due to an uptick in the oil prices in the country. Andrew Bailey, the Bank Governor predicted that inflation might adversely affect economic growth, which might prove to be a historic shock.
— Joseph Zernik 🎗 (@Joseph_Zernik) April 3, 2022
Europe observed a record-high cost of oil, which was $4,000 per cubic metre as an impact on the international market due to the Russia Ukraine war crisis. The European Union and Britain had urged European countries not to purchase oil and gas from Russia. Britain procures only 8% of its entire oil from Russia compared to 40% as that of other European countries.