‘Nightmare’ inflation eases slightly to 10.5%
- On January 18, 2023
- By GrowthInvest Marketing
The rate of inflation dropped slightly in December as the price of fuel and clothing dropped, however concerns are growing that wage rises are embedding inflation into the economy.
The consumer price index was 10.5 per cent in the 12 months to December, the Office for National Statistics said today (January 18), a drop when compared with the 10.7 per cent seen in November.
Restaurant and hotels, as well as food and non-alcoholic beverages, were the main factors pushing prices up in the month.
Fuels, clothing and footwear, and recreation and culture all saw lower prices.
ONS chief economist Grant Fitzner said: “Inflation eased slightly in December, although still at a very high level with overall prices rising strongly during the last year as a whole.”
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