UK inflation rises at fastest pace for 30 years

19 Jan 2022

The cost of living rose at its fastest pace in nearly 30 years in the year to December, according to the latest figures from the Office for National Statistics (ONS).

The UK's Consumer Prices Index measure of inflation rose to 5.4% from 5.1% in November, ONS said.

The last time inflation was higher was in March 1992, when it was 7.1%.

The rising price of food and non-alcoholic drinks contributed to December's increase, as did household costs, especially energy bills.

Increases in prices of furniture and clothing also contributed to the rise in the cost of living.

Alpesh Paleja, CBI Lead Economist, said: 'We've not seen the end of rising inflation yet. We expect it to peak in the months ahead, not least if, as expected, the energy price cap is raised.

'With prices on the rise and real wages already falling, it's likely households will face a cost-of-living crunch for much of this year.

'And with price pressures further up the supply chain still strong, the cost of doing business will also continue to climb sharply.'

Management Accounting image

Management Accounting

Producing monthly or quarterly management accounts on a regular basis.

View more
Business planning image

Business Planning

Our proactive team can help you to put an efficient business plan into place.

View more
Factsheets & Resources image

Factsheets

Our factsheets cover a range of relevant accountancy and business topics.

View more

Home | Contact us | Site map | Accessibility | Disclaimer | Help | © 2022 Spencer Woods Limited. All rights reserved.

Spencer Woods Ltd : Unit 5, Concept Court, Kettlestring Lane, Clifton Moor, York, Yorkshire YO30 4XF
Spencer Woods (York) Ltd : Unit 5, Concept Court, Kettlestring Lane, Clifton Moor, York, Yorkshire YO30 4XF
Spencer Woods (North East) Ltd : Unit 5, Concept Court, Kettlestring Lane, Clifton Moor, York, Yorkshire YO30 4XF
Spencer Woods (Thirsk) Ltd : 39 Westgate, Thirsk, Yorkshire YO7 1QR
We use cookies on this website, you can find more information about cookies here.