Britain's inflation rate is pushed down by lower gasoline and clothing costs, but prices of food and non-alcoholic beverages rise at the fastest rate since September 1977.
But policymakers have warned of continued upward pressure on inflation from aand other factors, and financial markets expect the central bank to raise its main interest rate to 4% on February 2 from 3.5%.
While natural gas prices are below where they were a year ago, just before Russia’s invasion of Ukraine, they are still several times higher than they were in mid-2021 and the impact of the increase continues to feed through the economy. Inflation in services prices – which some BoE officials view as signaling more persistent inflation pressures and the secondary impact of higher energy and wage costs – rose to the highest since March 1992 at 6.8%.Finance minister Jeremy Hunt said after the figures were released that high inflation was a “nightmare for family budgets,” hurt business investment, and led to strike action.
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