UK Inflation Slows in December But Remains Sky-High

Date: 18 January 2023 - 22:00

News ID: ۱۱۱۴۹۰

LONDON (AFP) - Annual inflation in Britain slowed to 10.5 percent in December, official data showed Wednesday, but remained close to historically high levels that are causing a cost-of-living crisis and mass strikes.
The Consumer Prices Index (CPI) rate compared with 10.7 percent in November, the Office for National Statistics said in statement.
“Inflation eased slightly in December, although still at a very high level, with overall prices rising strongly during the last year as a whole,” said ONS chief economist Grant Fitzner.
He noted that petrol prices “fell notably in December, with the cost of clothing also dropping back slightly”.
“However, this was offset by increases for coach and air fares as well as overnight hotel accommodation,” Fitzner added.
UK inflation began soaring last year amid sharp price rises worldwide due to supply constraints caused by Russia-Ukraine war and the lifting of Covid pandemic lockdowns.
Britain was also hit by fallout from Brexit, which has increased the cost of doing business across a range of sectors.
Consumer inflation reached 11.1 percent in October, the highest level since 1980.
Official data Tuesday revealed that average British wages sank 2.6 percent at the end of last year as pay rises failed to keep pace with inflation, triggering major strike action.
While some striking workers have managed to agree new pay deals, tens of thousands of workers across the private and public sectors continue to stage walkouts.