Prices have risen in the past year, largely due to a rise in energy costs and due to an inflationary trend in several economies as pandemic restrictions are lifted.
“We understand the pressures people face with the cost of living”, indicated the Minister of Finance, Rishi Sunak, after the publication of the statistics. “These are global challenges,” he added.
The Bank of England (BoE) estimates that inflation will reach 7.25% in April this year.
The latest “rise in CPI inflation will add a bit more pressure on the Bank of England to continue raising interest rates rapidly,” said Paul Dales, chief UK economist at Capital Economics.
It should be noted that annual inflation in the eurozone stands at a record 5.1%while the US CPI reached 7.5% in January, the biggest increase in almost 40 years.
Source: Ambito
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