Check out our latest magazine... Read Online

Rising Food And Energy Costs See Inflation Hit Highest Level For 30 Years

Wednesday, 19 January 2022 13:57

By Dominic Kureen X @WriteOnDom

The higher than expected increase in the cost of living in December came ahead of further pressure from a likely energy price cap hike in the spring.

Inflation climbed to 5.4% last month, its highest rate since March 1992, as Britain's cost of living squeeze intensified, official figures show.

The consumer price index (CPI) measure of inflation, up from 5.1% in November, was higher than economists had expected - as food, furniture and clothing prices surged, as well as restaurant and hotel bills.

Food saw a year-on-year increase in prices at 4.2% - a rate that has not been higher since September 2013 - while for clothes, inflation was at a four-and-a-half-year high, according to the Office for National Statistics (ONS).

That added to continued pressure caused by energy bill hikes seen in October, fuel that have climbed to record levels, and a spike in demand for used cars - on average costing 28% more than in January - as chip shortages squeeze the supply of new vehicles.

Its latest figures come a day after ONS official data showed wage rises for UK workers are already being wiped out by the surge in prices, even before the latest uptick.

Further upward pressure on inflation is expected in April, when a new energy price cap could see bills for millions of households hiked by 50%.

Share

More from Lifestyle

  • Five Most Romantic Valentine’s Gestures From Europe

    Valentine’s Day is celebrated across the globe, but Europe, with its rich history and romantic traditions, offers some of the most heartfelt and unique gestures of love. From poetic gifts to centuries-old customs, these European Valentine’s traditions prove that romance knows no bounds. Here are five of the most enchanting Valentine’s Day gestures from across Europe:

  • Five Fabulous Foodie Places To Visit In February

    After the wellbeing focus in January, February is the perfect time to treat your taste buds. From bustling cities to serene countryside spots, here are five foodie destinations you won’t want to miss:

  • Five Fantasy Worlds We’d Love To Explore In Real Life

    For centuries, humanity has dreamed of stepping beyond the veil of the ordinary and into the extraordinary. Fantasy worlds, born from the minds of imaginative storytellers, offer tantalizing glimpses of what could be. From magical kingdoms to futuristic utopias, these fictional realms inspire awe, adventure, and wonder. Here are five fantasy worlds that we’d give anything to explore in real life:

  • Five Amazing Global Meals To Cure The January Blues

    Whether or not you believe in Blue Monday and the January blues this week, there’s no denying that a comforting meal can elevate your mood. Food has the power to transport you across the globe, even if you're sitting at your kitchen table. Here are five amazing dishes from around the world to brighten your week and add some flavour to your day:

  • Five Incredible Spas Around the World

    In today’s fast-paced world, taking time out for self-care is more important than ever. Spas offer a sanctuary of tranquillity, combining luxurious treatments with stunning settings to rejuvenate the mind, body, and soul. Here are five incredible spas around the world that redefine relaxation and elevate wellness to an art form:

Comments

Add a comment

Log in to the club or enter your details below.

Get Social

© Beacon Magazine Isle of Wight and Aiir 2025 | 8-10 Dodnor Park, Newport, Isle of Wight, PO30 5XE