UK inflation year-on-year hit 10.1% in January

There Annual inflation of United Kingdom was held in January at 10.1%compared to the 10.5% recorded in December, which represents third consecutive month of declinethe Office for National Statistics (ONS) reported on Wednesday.

Despite this drop, the British consumer price index (CPI) remains close to peaks not seen for nearly 40 years.

According to the ONS, the main contribution to last month’s decline came from the transport, restaurants and hotelswhile the prices of alcoholic beverages and tobacco have increased.

The economic director of the ONS, Grant Fitzner, said today that, although still at a high level, “inflation fell again in January. This is explained by the fall in the price of air and coach travel after the sharp increase last month.

“Gasoline prices continue to fall, and restaurant, cafeteria and take-out prices have fallen,” Fitzner said.

British Chancellor of the Exchequer, Jeremy Hunttold the media today that “although any decline in inflation is welcome, the fight is far from over”.

“high inflation strangles growth and affects families and businessesthat’s why we have to stick to the inflation halving plan this year, reduce debt and grow the economy”.

To curb the rise in inflation, on February 2, the bank of england announced a further increase of 0.5 points interest rates, which went from 3.5% to 4%its highest level in fourteen years.

Due to the rising cost of living, the UK has experienced a series of strikes who have supported different sectors -posts, trains, buses, health or public officials- in demand for a salary increase.

The country’s accumulated debt stood at the end of last December at £2.5 trillion ($3.02 trillion)which equals 99.5% GDP, according to the latest official data.

(With information from EFE)

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