UK inflation hits almost three-decade high as living costs soar

1/19/2022 10:30:00 PM
UK inflation hits almost three-decade high as living costs soar

Rising living costs push UK inflation to hit a near 30-year high

Britain, Inflation

Rising living costs push UK inflation to hit a near 30-year high

The cost of living in Britain is forecast to increase even higher in April owing to a tax hike and further planned increases to domestic energy bills, analysts say.

The annual rate of inflation in Britain has risen to a near 30-year high in December, stoking fears about a cost-of-living squeeze as wages fail to keep pace.Inflation accelerated to 5.4 percent in the 12 months through December, up from November's 5.1 percent, the Office for National Statistics said on Wednesday. 

Last month's annual figure is the highest since March 1992, when inflation stood at 7.1 percent."Food prices again grew strongly while increases in furniture and clothing also pushed up annual inflation," said ONS chief economist Grant Fitzner.

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Consumers and businesses in the UK are struggling with surging costs, the ongoing pandemic and supply chain problems.DailyFX Calendar UK price pressures continue to soar with annual inflation rising to 5.UK’s financial regulator is set to strengthen its rules on how crypto products are marketed.By Jan 19, 2022 at 9:29 a.

(AP) The annual rate of inflation in Britain has risen to a near 30-year high in December, stoking fears about a cost-of-living squeeze as wages fail to keep pace. Inflation accelerated to 5.1% in November while the core inflation rate y/y rose to 4.4 percent in the 12 months through December, up from November's 5. The regulator , proposing restrictions on the marketing of certain crypto assets.1 percent, the Office for National Statistics said on Wednesday.0%.  Last month's annual figure is the highest since March 1992, when inflation stood at 7. The Financial Conduct Authority (FCA) said it plans to classify crypto assets such that consumers would be able to respond to promotions only if they are high net worth or sophisticated investors.

1 percent. One of the Bank of England’s favoured inflation readings, the consumer price index including owner occupier’s housing costs (CPIH) rose by 4. "We only want consumers to access [cryptoassets] knowingly, and after they have been assessed as having sufficient knowledge and experience to understand the risks involved," said the FCA. "Food prices again grew strongly while increases in furniture and clothing also pushed up annual inflation," said ONS chief economist Grant Fitzner. The Bank of England (BoE), whose chief task is to keep inflation close to 2.6% to November.0 percent, is now expected to raise rates again at its next meeting in February amid easing concerns over economic fallout from the Omicron coronavirus variant. These conditions include categorizing the recipient of a crypto promotion as either a certified high-net-worth investor, a certified sophisticated investor, a self-certified sophisticated investor, or a certified"restricted" investor. On Wednesday, the pound hit a near two-year peak versus the euro on increased expectations of another rate rise, while the European Central Bank has yet to follow the BoE in tightening monetary conditions.8%.

READ MORE: Explained: Europe caught in highest inflation in nearly 30 years Surging costs Economies worldwide are battling decades-high inflation that is forcing central banks to lift interest rates, including the BoE which last month raised its key borrowing cost — to 0.25 percent from a record-low level of 0.1% in May 1992 in the historical modelled estimates. The FCA defines qualifying cryptoassets as"any cryptographically secured digital representation of value or contractual rights which is: (a) fungible; (b) transferable or confers transferable rights, or is promoted as being transferable or as conferring transferable rights, except if transferable or conferring transferable rights, or promoted as such, only to one or more vendors or merchants in payment for goods or services; (c) not any other controlled investment; (d) not electronic money; and (e) not currency issued by a central bank or other public authority.1 percent — for the first time in more than three years . The cost of living in Britain is forecast to soar even higher in April owing to a tax hike and further planned increases to domestic energy bills, according to analysts. Sterling nudged higher on the release but soon gave back its modest gains. National insurance, paid by workers and employers, is being increased to help fund social care for the elderly.

Analysts expect more painful tax increases to foot the vast bill for Covid.3618 before drifting back to 1. In addition, electricity and gas prices are set to rocket higher when the UK government shortly lifts a cap on energy bills amid record-breaking wholesale costs. "With consumer prices rising at their fastest rate for three decades and wage growth slowing, Britons are being squeezed ever harder by the cost of living," said Jay Mawji, head of trading provider IX Prime. While Sterling is being underpinned by strong UK data – the UK unemployment rate fell to 4. Consumers and businesses are struggling with surging costs, ongoing pandemic turmoil and supply chain problems. At the same time, real wages in November fell on the year for the first time since mid-2020, official data showed on Tuesday.

"More pain lies ahead in the form of tax rises in April and a likely 50-percent jump in energy bills," said IX Prime's Mawji. READ MORE: .