In Britain inflation is ravaging the average consumer.

In May it hit a 40 year high, as soaring food prices drove the overall number up to 9.1%.

That is the highest inflation rate in all of the Group of Seven major economies.

As bad as that is, it appears likely to get worse before it gets better. The Bank of England has just released a forecast which predicts that by October, the rate of inflation will have surged to 11%.

This has led investors to begin perceiving UK investments as at risk of persistent inflation and recession.

Some are blaming the war in Ukraine for driving already rising energy costs sky high, and fear this will drive a summer of discontent in the markets.

Adding to the misery will be sweeping rail strikes, which threaten to upend the transportation system as workers walk out over demands for higher salaries. And waiting the wings unions say, are teachers, medics, waste-disposal workers and even lawyers, all of who may follow suit.

And as all those workers demand salaries which will keep up with inflation, finance minister Rishi Sunak has come out and said that providing them with salaries which keep up with inflation will just prolong the economic crisis, indicating they feel a period of pain will be necessary to fix the economy.