Inflation in the UK jumped to 5.4 per cent in December, the highest in 30 years, raising the price of the domestic crisis and forcing the Bank of England to raise interest rates.
The rise in commodity prices also exceeded expectations of economists, and is expected to increase sharply by the end of the spring as gas and electricity prices are expected to jump in April to 50 percent.
December prices crossed 5.2 percent in 2011 and 2008, and hit the lowest level in the UK since early 1992 when inflation fell from a peak of 8.4 percent.
Prices in December were rising faster than wages, squeezing cash, and a recent head of rising wages at only 3.8 percent annual prices in the three months to November.
The National Bureau of Statistics reports that inflation was high, with rising food prices, restaurant bills and rising prices for hotels, furniture, household goods, clothing and footwear by Christmas.
Grant Fitzner, chief financial officer of the ONS, said there was little evidence that coronavirus inhibitors were raising prices. “The economic downturn last year has affected some things, but all of that, which is affecting the head of inflation is difficult,” he said.
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