UK Inflation Rate Hits 1.6%

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UK PM, Theresa May
UK’s Office for National Statistics (ONS) has noted that rising air fares and food prices have helped to push up UK inflation to its highest rate since July 2014 in December.

 

The ONS said Consumer Prices Index (CPI) inflation rose to 1.6% last month, up from 1.2% in November.
The rise was bigger than expected, with analysts having predicted 1.4%.
The fall in the pound since the Brexit vote was starting to feed into the economy, said the BBC’s economics editor, Kamal Ahmed.
ONS
head of inflation, Mike Prestwood said: “This is the highest CPI has
been for over two years, though the annual rate remains below the Bank
of England’s target and low by historical standards.

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