UK inflation has eased, but food inflation remains high within the overall basket

By: Trademagazin Date: 2023. 02. 15. 09:03

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Annual British inflation slowed significantly but was still above 10 percent in January, particularly due to food prices. According to the report of the British Statistics Office (ONS) on Wednesday, consumer prices calculated without housing costs were on average 10.1 percent higher in the first month of this year than a year earlier.

Twelve-month British inflation was 10.5 percent in December, 10.7 percent in November, and 11.1 percent in October.
The annual inflation target of the Bank of England is 2 percent. The rate measured in October was the highest since the monthly measurement of annual inflation with the current methodology began in January 1997.

Based on data calculated even earlier using indicative modeling, the last time British annual inflation was higher than last October was 41 years earlier, in October 1981, at a rate of 11.2 percent.
According to the statistical office on Wednesday, consumer prices in Great Britain fell by an average of 0.4 percent in January compared to December.

British inflation was 0.4 percent in December and November, and 2 percent in October.
Based on the latest data from the ONS, the transport sector played the biggest role in the January slowdown of inflation within the average of the entire basket.