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UK CPI Hits 20-Year High In December


The UK consumer price index (CPI) continued to rise to 5.4% year-on-year in December last year, the highest since March 1992, up 0.3 percentage points from the previous value, and the market had expected an increase of 5.2%. Local inflation remains high, mainly due to rising energy prices, supply chain shortages, and last year's low base effect. On a monthly basis, the UK CPI increased by 0.5%, a slight increase from the previous value of 0.7%. During the same period, the core CPI, which excludes energy, food, tobacco and alcohol, also rose by 4.2% year-on-year, higher than the expected 3.9% and a 30-year high since March 1992. Faced with such a high inflation rate, the market is increasing expectations for another rate hike by the Bank of England next month.

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