Record surge in UK inflation

 Russell Lynch
Press Association
Tuesday, January 19th, 2010

Inflation jumped at a record rate in December, official figures showed today.

The Consumer Prices Index (CPI) hit 2.9 per cent last month – much higher than expected by the City – compared with just 1.9 per cent in November.

The surge was because VAT was unchanged last month compared with the Government’s temporary cut to 15 per cent to help the economy a year earlier, the Office for National Statistics (ONS) said.

Far less discounting from retailers in the run-up to Christmas last month and unchanged fuel prices compared with sharp falls a year earlier added to the inflationary pressure, the ONS said.

Full article here

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Record surge in UK inflation FOTR 340x1692 

View the original article at Prison Planet

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