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Economy

19 Jan 2022

U.K. Consumer Price Inflation Reaches 30-Year Record High

The Index Today

The British consumer price inflation (CPI) witnessed an unprecedented surge to 5.4% in December, making it the highest inflation rate in the country in about 30 years. This has further intensified the pressure on the Bank of England to impose additional interest rate hikes next month.

According to the Office for National Statistics, the food and beverages industry showed the highest CPI from among the goods and services sector. However, the Omicron surge has reported to have had only a minimal impact on the current inflation state.

The Bank of England became the first prominent central bank in the world to hike interest rates last month since the onset of the COVID-19 pandemic, right after the CPI hit a 10-year high in November.

©Photo: Andrew Testa for The New York Times

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