British consumer prices rose at the fastest annual pace in nearly 30 years last month, reinforcing the chances that the Bank of England will raise interest rates for a third meeting in a row
January CPI rises to 5.5% from 5.4% in DecemberBank of England expected to raise rates again in MarchLONDON, Feb 16 - British consumer prices rose at the fastest annual pace in nearly 30 years last month, intensifying the squeeze on households and reinforcing the chances that the Bank of England will raise interest rates for a third meeting in a row.
U.S. consumer price inflation hit a 40-year high of 7.5% in January, while inflation in the euro zone was a record 5.1%. Financial markets expect BoE interest rates to rise to 2% by the end of 2022, though most economists say they will not get close to that level. But working-age households are facing their biggest annual disposal income squeeze in 30 years - not least because Prime Minister Boris Johnson's government plans to put up payroll taxes for workers and businesses in April.
Petrol prices were lower than December, but are still 23.6% higher than a year earlier, while the cost of second-hand cars was 28.7% higher.
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