CYPRUS MIRROR
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UK inflation slows but remains in double digits

UK inflation slows but remains in double digits

Inflation in the UK slowed down in December, but remained in double digits despite the interest rate hikes and the slowdown in economic activity.

Publish Date: 18/01/23 11:38
reading time: 2 min.
UK inflation slows but remains in double digits
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Inflation in England continued to decline in the second month, but still remained in double digits.

Annual inflation fell to 10.5 percent in December, according to data from the UK Statistics Office. Inflation was 10.7 percent in the previous month and peaked at 11.1 percent in October. This slowdown signaled that the worst cost-of-living crisis in a long time was beginning to subside.

While fuel and clothing prices were effective in the slowdown, there was an increase in food, restaurant and hotel prices.

Core inflation remained unchanged at 6.3 percent annually.

Despite this slowdown, inflation is still well above the 2 percent Central Bank target.

The Central Bank of the country has increased interest rates 9 times in a row since December 2021. The bank is expected to increase the policy rate to 4 percent with an increase of 50 basis points next month. Investors expect the final interest rate to be around 4.5 percent by the middle of the year.

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