Inflation in the UK in December 2021 unexpectedly jumped to almost a 30-year high, follows from data Office for National Statistics of the country.
According to the agency, consumer prices in the UK at the annual level rose by 5.4 percent – the highest level since 1992. Economists had expected the figure to be 5.2 percent. Inflation in the fourth quarter averaged 4.9 percent, higher than the Bank of England’s forecast of 4.3 percent, notes Bloomberg.
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Prices for everyday goods and services are breaking records and rising faster than wages. Food, drinks, furniture, clothing, hotel stays and restaurants have risen sharply in price. Electricity bills rose 18.8 percent and gas bills 28.1 percent, the biggest increase since 2009. In addition, food prices are rising at the fastest pace since July 2008.
The UK central bank is considering tightening policy and may raise rates for the second time in a row at its February 3 meeting. Experts predict a further increase in the cost of living in the country, which will only be exacerbated by an additional jump in energy prices. The peak of inflation may come in April, the rate of price growth threatens to approach 6.5 percent, Bloomberg expert Dan Hanson predicts.
In Russia, the inflation rate in 2021 was 8.39 percent, setting a record for the past six years. Press Secretary of the President of the country Dmitry Peskov said that such an indicator is unacceptable: according to him, the authorities are taking “energetic” measures to correct inflation and return it to target levels.
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