Shoppers walking along Oxford Street in London on Dec. 21, 2021.
Tolga Akmen | AFP | Getty Images
LONDON – UK inflation came in at an annual 5.5% in January, slightly ahead of forecasts and remaining at a 30-year high.
On a monthly basis, consumer prices contracted by 0.1%, slightly less than expected by economists in a Reuters poll. The annual print was expected to remain at 5.4%.
December’s 5.4% annual rise in consumer prices was the highest since 1992, and the Bank of England has imposed consecutive interest rate hikes for the first time since 2004 in a bid to contain runaway inflation.
The Bank expects inflation to peak at 7.25% in April, having previously projected a 6% ceiling in its December report.
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