UK inflation jumped the most on record in December, fuelling fears that interest rates will have to rise sooner rather than later to keep prices in check.
The sharp rise in the annual rate of consumer price inflation from 1.9pc to 2.9pc was driven by exceptional events in December 2008, as the VAT cut and high street discounting at that point were not repeated last month.
An increase in the price of petrol and new cars also drove the Consumer Prices Index (CPI) up last month, the Office for National Statistics said. Economists had expected a smaller rise in CPI to 2.6pc.
Howard Archer, chief UK economist at IHS Global Insight described the data as "a very nasty shock".
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U.S. Heading for Hyperinflationary Collapse, Ruling Elite Preparing for Civil War
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I grow a 1.5 acres garden. One can easily transform one's house / apartment into a garden house.
ReplyDeleteTotally agree with you. I've been telling people to get out of as much of their debt as possible. Growing some food it probably not a bad idea either. That and getting into some wealth securing assets. I've got a feeling that once Feb rolls by we may see some panic if the unemployment numbers rise after they announce the born/death numbers for small businesses.
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