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UK Inflation Soars to 30-Year High in January

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British Pound Sterling Symbol or Sign Covered with Sand in the Sun after Crisis

UK Inflation accelerated further in January to open to year at a 30-year high, driven mainly by higher housing and transport prices during the period.

Source: Office for National Statistics

EWU is up 0.03%, and VGK up 0.05% premarket.

The consumer price index grew by 5.5% in January, up from 5.4% in December 2021 and 0.7% in January last year. The latest reading is the fastest in three decades since the 7.1% in March 1992.

The biggest price increases were recorded in housing and household services, which climbed by 1.37 percentage points, and transport which rose by 1.25 percentage points, mainly due to hikes in motor fuels and second-hand vehicles.

Compared with the previous month, inflation fell by 0.1% versus the 0.2% decline in the same month the previous year. The owner occupiers’ housing index climbed by 2.4%, up from 2.2% in December and 1.3% in January 2021.

Average petrol prices for the month were recorded at 145.1 pence per liter, up from 116.1 pence per liter in January 2021.

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