Which of the following is an accurate comparison of British trade with the US and British trade with the Soviet Union as shown by the graph?

US Natural Gas Surges to 2-Week High

US natural gas futures soared 7% to a 2-week high of $8.8/MMBtu, moving closer to a 14-year peak of $9.75/MMBtu hit on July 26th as demand forecasts for the next two weeks were revised upwards and daily output has been falling to near 1-month low. Preliminary data showed daily output was on track to fall by 2.7 bcfd to 95.6 bcfd on Thursday, from a record of 98.3 bcfd on Monday. Additionally, Refinitiv projected average US gas demand, including exports, would fall less than previously expected to 97.7 bcfd next week from 101.9 bcfd this week. Meanwhile, gas flowing to US LNG export plants held at 10.9 bcfd so far in August, the same as July and below a monthly record of 12.9 bcfd in March. The latest EIA data showed utilities added 44 billion cubic feet of gas to storage during the week ended August 5th, above expectations for a 39 bcf build. Still, stockpiles rose to 2.501 trillion cubic feet, remaining 11.9% below the 5-year average of 2.839 tcf for this time of the year.

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Inflation continues to surge

Year-on-year inflation in the OECD rose to 10.3% in June 2022, compared with 9.7% in May. This represents the sharpest price increase since June 1988. About one-third of OECD countries recorded double-digit inflation.

Food price inflation in the OECD continued to pick up strongly, reaching 13.3% in June 2022 compared with 12.6% in May, the strongest food price increase since July 1975. Energy price inflation jumped to 40.7% year-on-year in June 2022, up from 35.4% in May. Excluding food and energy, year-on-year inflation increased to 6.7% in June 2022, compared with 6.4% in May.

In the euro area, headline year-on-year inflation as measured by the Harmonised Index of Consumer Prices (HICP) rose to 8.6% in June 2022, compared with 8.1% in May. Strong increases between May and June 2022 were recorded in both food and energy price inflation.

> Explore the Consumer Price Index (CPI)