Inflation Weighed on the Economy of Britain

The British economy has cooled significantly in the months of January to March this year because higher inflation put pressure on disposable incomes. The Office for National Statistics is scheduled to publish the estimated GDP data for the first quarter this Friday.

Great Britain almost forgot the impact of the Brexit referendum on June and had an unexpectedly quick recovery. The growth rates in the third quarter of 2016 reached 0.5% while 0.7 for the last quarter.

Based on the forecast of city economists, the country will experience an arduous year ahead linked with a 0.4$ steep decline on growth during the first three months of 2017.

The country previously earned 0.2% which is considered as the weakest performance in the Q1 of 2016.

Moreover, the sterling became weaker which increased the price for imports and drove the inflation towards its three-year high obtaining 2.3%.