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United Kingdom Inflation January 2022

United Kingdom: Inflation comes in at highest level since March 1992 in January

Consumer prices fell 0.13% in January over the previous month, contrasting December’s 0.50% increase. January’s result marked the weakest reading since January 2021. The figure was largely driven by dropping prices for recreation and culture. In addition, price pressures for transportation fell at a faster rate. Moreover, prices for restaurants and hotels dropped.

Inflation inched up to 5.5% in January, which followed December’s 5.4% and marked the highest inflation rate since March 1992. Meanwhile, the trend pointed up, with annual average inflation coming in at 3.0% in January (December: 2.6%). Lastly, core inflation rose to 4.4% in January, from December’s 4.2%.

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