UK inflation rate climbs to 5.5%, remains at 30-year high
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On December 21, 2021, shoppers walk along Oxford Street in London.
Tolga Akmen | AFP | Getty Images
LONDON — U.K. inflation came in at an annual 5.5% in January, slightly ahead of forecasts and remaining at a 30-year high.
Consumer prices fell 0.1% on a monthly basis. This was slightly lower than the forecast by economists in a Reuters survey. Expected annual print to be at 5.4%.
December’s 5.4% annual riseThe consumer price index was at its highest level since 1992. Bank of England has imposed consecutive interest rate hikesTo contain inflation runaway, the government has taken this action for the first-time since 2004.
According to the Bank, inflation will peak at 7.25 percent in April. In December’s report, it had predicted a ceiling of 6%.
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