Economy, Europe

UK inflation hits highest level in 3 decades

Official statistics show December inflation hit 5.4%

Ahmet Gurhan Kartal   | 19.01.2022
UK inflation hits highest level in 3 decades

LONDON

The UK’s cost of living has reached its highest level for the past three decades, according to official figures released Wednesday.

The inflation in the country rose to 5.4% last December, highest ever since March 1992, the Office for National Statistics (ONS) data showed.

The consumer price index (CPI) measure of inflation rose from 5.1% in November. On a monthly basis, CPI increased by 0.5% in December 2021, compared to a rise of 0.3% in December 2020.

The Consumer Prices Index including owner occupiers’ housing costs rose to 4.8% in the 12 months to December 2021, up from 4.6% in the 12 months to November, according to the ONS.

The ONS data suggested that further strong growth in food as well as increases in furniture and clothing were behind the rise.

The increase in inflation added more pressure caused by soaring energy bills due to rising energy prices and demand for used cars as the cost is 28% higher this month.

Prices of food, non-alcoholic drinks, furniture, and household goods all rose across the country.

"I understand the pressures people are facing with the cost of living, and we will continue to listen to people's concerns as we have done throughout the pandemic," UK Chancellor of the Exchequer Rishi Sunak said.

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