Other key indicators Flashcards

1
Q

Minimum wage

A

Rose to £9.50 in April 2022 - significant rise

- Effect on labour costs - small businesses already struggling with rising import costs, fuel costs, etc.

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2
Q

Sterling/US dollar exchange rate

A

£1 = $1.30

  • Most international commodities prices are priced at dollars
  • The world price of oil, coffee, cocoa increased - adding to inflationary pressure
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3
Q

Sterling/Euro exchange rate

A

£1 = Euro 1.20 - recent appreciation

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4
Q

World Crude Oil price

Average gas prices

A

Oil - Rising sharply - claimed above $130 a barrel - highest since 2008
- Much depends on whether OPEC nations decide the ramp up production of crude oil

Gas - steep increase in 2021 - enormous hit to the cost of living of many households in UK

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5
Q

Global Food Prince Index

A

Surge in food prices, especially wheat

  • Russia and Ukraine - two of the worlds biggest exporters of wheat
  • RU - 37.3%
  • UA - 18.1%
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6
Q

Current account deficit

A

3.7% of GDP

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