Bank of England warns energy price surge will push inflation over 4% – as it happened

Inflation expected to rise slightly over 4%' in the final quarter of this year, as energy and goods prices surge

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A UK government minister says consumers should not panic buy', following warnings that Britain faces mounting problems this winter.

Reuters explains:

Consumers should not panic buy products as Britain is not heading back into a 1970s-style winter of discontent" of strikes and power shortages, a junior minister said on Thursday.

There is no need for people to go out and panic buy," small business minister Paul Scully told Times Radio.

Across all industries, 10% reported they were able to get the materials, goods or services they needed, but had to change suppliers or find alternative solutions to do so. This is up from 8% in early July 2021. The construction industry reported the largest percentage at 28%, an increase from 15% in early August 2021. This was followed by the accommodation and food service activities industry and the manufacturing industry at 16% and 12%, respectively.

Across all industries, 8% reported they were not able to get the materials, goods or services needed, this has remained broadly stable from early August 2021. The other service activities industry reported the largest percentage at 20%, followed by the wholesale and retail trade; repair of motor vehicles and motorcycles industry at 13%.