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.
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
3
Q
Sterling/Euro exchange rate
A
£1 = Euro 1.20 - recent appreciation
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
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%
6
Q
Current account deficit
A
3.7% of GDP