There are loads of drivers of high inflation, some U.K. specific like Brexit, which has led to labour shortages in certain sectors… and import tariffs… inflation here is a fair bit higher than elsewhere in the developed world - probably fair to say that’s at least partly Brexit. We also have a central bank that has cocked it up big time and should have been tightening policy a lot earlier - the Bank of England is a joke.
Then there’s the global drivers - covid led to a lot of goods demand (and weak services demand) during covid, which led to high (goods) inflation… and that led to backlogs in supply, which has taken a long time to normalise. Then many were able to stash savings away during covid, which were unleashed once it all comes down. That led to a lot of pent up service demand. Then you have the effect of the Russian invasion on energy prices driving up goods and services, and you have a perfect storm.
Personally think it is going to take a pretty nasty recession here to bring down inflation as BOE have been doing v little (wage growth of 7% is going to lead to very sticky and higher inflation) .. not going to be pretty unfortunately imo
