British consumer prices rose at their fastest rate in almost 30 years in January. They increased by 5.5 percent compared to the same month last year, as reported by the statistical office. This is the highest level since March 1992. Energy in particular rose sharply again, but so did many goods such as clothing. The British central bank assumes that inflation will not peak until April. The UK is not alone in the rise in the cost of living: US inflation hit a 40-year high of 7.5 percent in January, while inflation in the euro zone was 5.1 percent, an all-time high since the introduction of the single currency. The central bank assumes that the inflation rate will not return to the target level of two percent until early 2024.
Central Bank – UK inflation rises to record high – Economy
