UK inflation hits 30-year high of 5.5%

5.5% in January

Inflation in the UK rose to 5.5% in January, up from 5.4% in December 2021, continuing the streak of reaching the country’s highest inflation rate in thirty years.

The Office for National Statistics said that the 12 month UK Consumer Price Index was at the highest level since records began in January 1997 and was last higher in the historical modelled series in March 1992, when it stood at 7.1%. The ONS said that the largest contributors to rising inflation came from clothing and footwear, furniture and household goods, food and non-alcoholic beverages, and alcohol and tobacco. It also credited the price rises for gas and electricity following the increase in the cap on energy prices. In contrast, the ONS said it saw large downward contributions...