British inflation increases to greatest level in 3 decades | MENAFN.COM

Tuesday, 17 May 2022 04:31 GMT

British inflation increases to greatest level in 3 decades


(MENAFN) On Wednesday, UK’s inflation rate soared to the highest rate in 30 years, going up to 5.4 percent in December from 2020.

According to the Office for National Statistics, the rise on November’s 5.1 percent is the newest indication of an issue that forecasts increases in living costs for Britain’s population.

ONS chief economist Grant Fitzner mentioned, inflation’s rate was not greater than this for around 3 decades.

Mr Fitzner said, “Food prices again grew strongly while increases in furniture and clothing also pushed up annual inflation.”

He added, “These large rises were slightly offset by petrol prices which, despite being at record levels, were stable this month but rose this time last year.”

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