Great Britain
UK inflation rises to highest level since 1992
Among other things, the British have to dig deeper into their pockets for clothing and shoes. Photo: Yui Mok/PA/dpa
© dpa-infocom GmbH
It’s the fourth straight year-over-year increase and the highest rate in nearly 30 years. In the UK, consumer prices rose again in January.
Inflation in the UK has risen to its highest level in almost 30 years. In January, consumer prices rose 5.5 percent year-on-year, according to ONS.
This is the fourth consecutive year-on-year increase and the highest rate since March 1992. This means that the central bank is still under pressure to continue raising interest rates. Experts had assumed that the inflation rate would stagnate at 5.4 percent on average.
Price increases came from household services and the transport sector. Experts from the analysis company Capital Economics pointed out that discount campaigns in January were less generous than usual. Clothing and shoes, among other things, became more expensive. The strongest increase was once again seen in fuels. Vehicles and spare parts have also become much more expensive.