The annual inflation rate in Britain rose to the highest level in nearly 30 years, reaching 5.5% during the month of January.
According to Arabiya Net, the Office for National Statistics confirmed in a statement that the Consumer Price Index (CPI) rose in January compared to 5.4% in December.
The Office for National Statistics said that 5.5%, the highest level since March 1992.
Prices have risen globally over the past year, in large part due to higher energy prices, while consumers also face rising food costs as economies reopen. of the epidemiological closures.
British Chancellor of the Exchequer Rishi Sunak, responding to the data, said: We understand the pressures people are facing in relation to the cost of living.
These are global challenges,' he added.
With inflation at its highest levels in decades, central banks are making a decision about how quickly to raise interest rates. Earlier this month, the Bank of England raised its key interest rate for the second time in a row with the aim of lowering inflation.
The Bank of England expected Britain's annual inflation rate to peak at 7.25% in April.
Paul Dills, chief UK economist at Capital Economics, said the latest increase in CPI inflation will add more pressure on the Bank of England to continue raising interest rates. quickly.
Policy makers in December raised borrowing costs from a record low of 0.1% to 0.25%, the first tightening in more than three years. They also raised it again this month to 0.5%.
