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UK inflation rises to 5.4%, highest in nearly 30 years | inflation

 


The UK’s cost of living crisis in December was exacerbated after rising prices for clothing, food and footwear pushed inflation to 5.4%, a nearly 30-year high.

As Bank of England policymakers pressured to raise interest rates at a meeting next month, furniture and restaurant prices also rose as a staffing shortage drove up wage costs and a hold at UK ports raised import costs.

The Bank of England expects the Consumer Price Index (CPI) to rise to 6% by April, with some analysts predicting that the CPI will not rise until the government decides to inject billions of pounds into the energy sector to offset surging heating costs. predicted to reach 7%.

Energy regulator Ofgem has to announce a gas rate cap increase within the next two weeks, and it is understood that ministers are busy taking a set of actions to prevent an annual increase of 500 households per household.

inflation

Oil prices continued to make a significant contribution to the rise in the cost of living, a trend that continued this year after Brent soared above $80 a barrel.

According to the November wage figures, salaries increased by 4.2% compared to the previous year, including bonuses, but fell 0.9% behind the increase in cost of living. Unless wages go up in December, inflation will make the average worker worse off.

The only positive sign for Prime Minister Rishi Sunak, who is under strong pressure to finance low-income families to cope with rising costs, is that the National Statistical Office has reported that the monthly CPI upward trend is trending downward.

Inflation increased 0.5% in December from 0.7% in November and 1.1% in October.

Costs of goods rose 6.9% while services rose 3.1%, giving hope that inflation could drop sharply to the bank’s target of 2% once global goods shortages begin to ease.

The Resolution Foundation said: Decline in commodity price inflation for commodities in December is volatile, but generally leading indicators of broader inflation provide hope that inflationary pressures may begin to ease on some commodities.

Board Chairman Kitty Ussher was concerned that food prices, which increased from 5.1% in November, were primarily driven by food price hikes.

This not only provides additional evidence that inflation is becoming endemic rather than temporary, but is also a bad omen for households facing multiple rises in the cost of living this spring. Therefore, we expect rates to rise again at the Bank of England (BoE) Monetary Policy Committee meeting in early February.

In December, the base rate was raised from 0.1% to 0.25%, and in February it will be further raised to 0.5%. Analysts expect the base rate to exceed 1% if there are further hikes this year.

Sunak said he is aware of the cost of living and will continue to listen to people’s concerns, as he has done during the pandemic.

The award added: It is cutting universal credit tapers to ensure work pay, freezing liquor and fuel tariffs to cut costs, and providing targeted assistance to help households with their energy bills.

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Unions have complained that millions of low-income workers will be hit by the cost of living crisis.

Unison Secretary General Christina McAnea, who represents thousands of public sector workers, said ministers must reconsider decisions to keep wage increases low.

This figure is a mockery of the 1.75% salary offer for school and city council staff. Governments must increase available funds so wages can keep up with rising prices.

Healthcare and healthcare services, which already have a shortage of thousands of people, are likely to suffer the most. Employees are more likely to move elsewhere to make more money and do less stressful work.

Sources

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2/ https://www.theguardian.com/business/2022/jan/19/uk-inflation-hits-near-three-decade-high-rising-to-54

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