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UK inflation soared to a 30-year high in December — and economists say it's going higher

Added 01-19-22 04:14:02am EST - “The red-hot inflation reading piles the pressure on the Bank of England to take strong action to tame price rises.” - Markets.businessinsider.com

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Posted By TheNewsCommenter: From Markets.businessinsider.com: “UK inflation soared to a 30-year high in December — and economists say it's going higher”. Below is an excerpt from the article.

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UK inflation shot up to a 30-year high of 5.4% in December, data showed Wednesday, driving up the cost of living and adding to expectations that the Bank of England will hike interest rates again.

Many economists predict that prices will continue to march higher in the coming months, with the BoE expecting inflation to soar to 6% in the spring.

The 5.4% consumer price index inflation figure for December was the highest since 1992, the Office for National Statistics said. It indicated that the prices of UK goods and services were on average 5.4% more expensive in December than they were a year earlier.

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