Breaking: Consumer Price Index rises to 5.5%

Breaking: Consumer Price Index rises to 5.5% in January.
According to the Office for National Statistics, the rate of Consumer Price Index inflation has risen to 5.5 per cent for January. This is up from December’s 5.4 per cent.
Inflation is now at its highest rate since early 1992 according to official figures. Many people are being hit hard by the increased cost of living in the UK.
Experts have been predicting that the consumer price index (CPI) measure of inflation would increase as furniture, housing and clothing prices have surged recently.
Chief economist at the Office for National Statistics (ONS) Grant Fitzner commented: “Inflation ticked up again in January, reaching a near 30-year high.
“Clothing and footwear pushed inflation up this month and although there were still the traditional price drops, it was the smallest January fall since 1990, with fewer sales than last year.
“The rising costs of some household goods and increases in rents also pushed up inflation.
“However, these were partially offset by lower prices at the pump, following record highs at the end of 2021.”
Chancellor Rishi Sunak stated: “We understand the pressures people are facing with the cost of living.
“These are global challenges but we have listened to people’s concerns and recently stepped in to provide millions of households with up to £350 to help with rising energy bills.”
He went on to add: “We’re also helping people on the lowest incomes keep more of what they earn by cutting the Universal Credit taper rate and freezing alcohol and fuel duties to keep costs down.
“In total, we’re providing support with the cost of living worth over £20 billion across this financial year and next.”

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Written by

Alex Glenn

Originally from the UK, Alex is based in Almeria and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]