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UK Inflation Soars To 10-Year High Of 5.1%

UK consumer price inflation soared to its highest level in over 10 years in November, jumping to 5.1% from the 4.2% seen in October.

Posted: 15th December 2021 by
Finance Monthly
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Analysts have said the increase is expected to put further pressure on the Bank of England to raise interest rates at Thursday’s meeting. However, the spread of  Omicron may deter policymakers from taking such action until the beginning of 2022.

According to the Office for National Statistics, price pressure from a broad range of goods and services, though primarily petrol, clothing, and footwear, were behind the rise. 

While the news caused the pound sterling to briefly go up, by 07:35 GMT, there was little difference compared with its level before the data. 

On Tuesday, the International Monetary Fund predicted that UK inflation would hit approximately 5.5% in the second quarter of 2022. This would be its highest level in 30 years. 

Across the globe, inflation has risen much quicker than economists had predicted. This is due to higher energy prices as well as Covid-related supply-chain issues. In the UK, post-Brexit trade has also contributed to the problem. 

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