NEW: Target inflation on the Consumer PRice Index measure reaches a 30 year high of 5.4% rise in December - highest rise since Bank of England became independent…
5.4% CPI is the highest since MArch 1992 
On the old Retail PRices Index measure, still used in setting of some bills, public finances etc inflation reached 7.5% - highest since MArch 1991 during first Gulf War
It’s actually the highest CPI figure ever produced on record - we get to a high of just under 30 years (29 years and 9 months) by using modelled figures for the years before CPI created in 1997
ONS - December rises in food prices were the biggest contribution to monthly rise in the inflation rate
Bread, cereals, meat and veg largest, but this is broad-based 8/9 groups of food purchases up, largest contribution to monthly chance since 2008
Bread, cereals, meat and veg largest, but this is broad-based 8/9 groups of food purchases up, largest contribution to monthly chance since 2008
Chancellor says: “I understand pressures people are facing with cost of living, and we will continue to listen to people’s concerns as we have done throughout the pandemic”
Points to support from Budget re Universal Credit taper, freezing duties/ targeted support on energy bills
Points to support from Budget re Universal Credit taper, freezing duties/ targeted support on energy bills
Labour shadow Chief Sec Pat McFadden says: “Working families are already feeling the crunch. But the triple whammy of an imminent rise in the energy price cap, real wages falling and Tory tax rises coming down the tracks are going to make this crisis even worse”.
The food price hikes show that VAT on hospitality should not go back up in April, says hospitality industry:
https://twitter.com/ukhospkate/status/1483707064467742720?s=21
What was happening 30 years ago? Aftermath of energy price shock after the first Gulf War… concerning thing is that all this has happened with crude oil prices only just having reached a 7 year high, and the pressures have spread to food
Coming up on #bbcnewssix …
This is what the 30 year high in inflation looks like - record numbers of US liquefied natural gas tankers coming to the UK, after record prices paid by energy cos to send them to Kent and west Wales. Record prices soon to be passed on to consumers…
This is what the 30 year high in inflation looks like - record numbers of US liquefied natural gas tankers coming to the UK, after record prices paid by energy cos to send them to Kent and west Wales. Record prices soon to be passed on to consumers…
Record numbers of US LNG tankers arrived in UK after record European gas prices spiked 25% above Asian ones - so shale gas normally exported to China is here…including one tanker arriving in Wales yday that U-turned mid pacific going back through Panama Canal via @ICIS_energy
As I said yesterday…. 9.3% rise in BT phone bills - indexing the rise to the fact that CPI has already gone up 5.4% and adding 3.9%… see mobile phone bills too…
newsroom.bt.com/this-years-pri…
newsroom.bt.com/this-years-pri…
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