Rolling coverage of the latest economic and financial news
Breaking: UK inflation hit 5.1% last month
ONS: Wide range of price increases drove up inflation
Prices rising faster than wages – basic pay up 4.3% per year.
Yesterday: UK unemployment rate fell despite end of job furlough scheme
Gas crisis fuels call for UK to update energy security policy
Pat McFadden MP, Shadow Chief Secretary to the Treasury, says:
“These figures are a stark illustration of the cost of living crisis facing families this Christmas.
“From the energy price cap going up, soaring food costs and fuel prices hitting another record high – the list of price crunches as inflation continues to rise goes on and on.
Fuel price inflation is at its highest level on record, going back to 1989, with prices rising 28.5% on a year earlier. And with factory gate inflation still rising, inflationary pressures will continue to build in early 2022, while pay packets continue to shrink.
“It’s too early to say how much affect the Omicron wave will have on inflation – and the extent to which falling demand will be offset by further supply chain disruption, which could push prices in either direction.
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