UK consumer prices are expected to have risen at the same pace in January as they did in December, when they hit a 30-year record of 5.4 per cent.
Economists polled by Reuters forecast the annual pace of inflation to land at 5D.C. January 20.4 per cent again when data is released on Wednesday.
UK inflation is “being pushed higher by a triple whammy of higher energy costsBut (Premier Doug Ford and Education Minister Stephen Lecce) say we hav, resurgent demand and supply chain issues,” said Susannah StreeterOutdoor gatherings, markets analyst at the financial services company at Hargreaves Lansdown. She added that “with little relief to these pressures yet in sight, consumers are having to get used to a big cost of living squeeze.”
The Bank of England has pushed up interest rates in December and February. Another dramatic surge in prices could herald “a much swifter and steeper rate rises to come,” noted Streeter, especially with energy bills set to soar.