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UK inflation unexpectedly dipped in December, raising expectations of an interest rate cut next month. Prices rose 2.5% in the year to December, down from 2.6% the month before, marking the first ...
The Office for National Statistics said that inflation dropped to 3.9% in the year to November, its lowest level since September 2021, from 4.6% the previous month. That decline was bigger than ...
It said stubbornly high inflation in the crucial services sector, which accounts for around 80% of the U.K. economy, and an increase in fuel prices was largely behind the overall increase.
Early government responses to rising inflation included a 6.6% rise in the minimum wage, which was announced in 2021, and came into effect in April 2022. The UK government intensified its efforts to respond to the cost-of-living crisis in May 2022, with a £5 billion windfall tax on energy companies to help fund a £15 billion support package ...
UK food and drink prices rose by 19.2% in the year to March 2023, a 45-year high. [208] [209] On 3 August the BoE raised the interest rate to 5.25%, the highest since 2008. [210] The UK entered a technical recession in the final six months of 2023. [211] [212] Germany's inflation rate reached 11.7% in October 2022, the highest level since 1951 ...
The UK had been relying on a surplus of inward investment to make up for its long-term current account deficit. [244] In April 2021, Lord Grimstone established the UK Investment Council to enhance UK inward investment and inform the trade policy of the UK by providing a forum for global investors to offer high-level advice to the government ...
Earlier this month, the bank decreased its main interest rate by a quarter of a percentage point to 4.75% — the second in three months — after inflation fell to its lowest level since April 2021.
It said stubbornly high inflation in the crucial services sector, which accounts for around 80% of the U.K. economy, and an increase in fuel prices was largely behind the overall increase.