UK inflation rose again this month to its highest in thirty years, confirming the likely prospect of a Bank of England rate hike in February and doing nothing much for the British pound. Read more:
Enter your emailUK inflation rose again this month to its highest in thirty years, confirming the likely prospect of a Bank of England rate hike in February and doing nothing much for the British pound.CPI data showing the extent to which the price of a representative basket of goods and services is rising. The data showed that year on year, inflation rose by 5.4%, higher than the 5.2% which was the consensus forecast.
The increase in prices was narrower than it was last month, and the UK is seeing the strongest price rises in housing, clothes, food, and furniture. The increase was driven primarily by a surging cost of goods by 6.9% while services increased by only 3.1%.The annualised inflation rate of 5.4% is the highest rate recorded since 1992, and the Bank of England expects it to reach 6% by April 2022.
However, it is worth noting that UK inflation remains markedly lower in both absolute and historic terms than seen in the US right now, where inflation is running at an annualized rate of 7.0%.
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