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16 Feb 2022

U.K. Inflation Surges to 5.5%, the Highest since 1992

The Index Today

Consumer prices in the U.K. have soared to 5.5%, marking its highest inflation rate in 30 years since 1992. This comes after the Bank of England (BOE) recently became one of the first major central banks in the world to institute interest rate hikes to curb pandemic-induced inflation.

Inflation rose to a three-decade high of 5.5% in January, helped by rising wages in the country. This fell well beyond a Reuters’ poll of analysts who predicted the inflation rate to remain at 5.4% from December.

This comes after England’s central bank recently announced an April inflation of 7.25%, spurred by a predicted 50% rise in house energy bills.

J. P. Morgan Asset Management’s Global Strategist, Ambrose Crofton contended, "This morning's upside surprise to UK inflation serves to underscore a recent global trend: higher and more persistent inflation has caught central banks on the back foot and opened the door to more interest rate hikes this year."

The Bank of England, which is set to implement yet another interest rate hike on March 17th following its next policy meeting, has contended that inflation will not revert to its target 2% until early 2024.

©Photo: Financial Times

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