LONDON, Jan 19 — Inflation in Britain rose faster than expected to a near 30-year high in December, intensifying a squeeze on living standards and putting pressure on the Bank of England to raise interest rates again.
“The Bank of England was already feeling uncomfortable about its monetary policy stance. Today’s upside surprises to both the headline and core inflation readings will certainly not have helped,” said Ambrose Crofton, global market strategist at J.P. Morgan Asset Management. But the BoE appears more concerned than the US Federal Reserve or the European Central Bank that labour shortages and wage pressures will cause inflation to be slow to fall back once immediate price pressures have passed.
“Not only does this provide additional evidence that inflation is becoming endemic rather than transitory, it also bodes ill for households facing multiple rises in the cost of living this spring,” said Kitty Ussher, chief economist at the Institute of Directors.British inflation is widely expected to peak in April when regulated household energy bills look set to increase by around 50 per cent.
“I understand the pressures people are facing with the cost of living, and we will continue to listen to people’s concerns,” finance minister Rishi Sunak said after the inflation data.
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