Inflation rates: How will the shock rise affect your money?
The IndependentGet the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Grant Fitzner, ONS chief economist, said: “The rate of inflation ticked up a little in December, with rises in tobacco prices due to recently-introduced duty increases. “These were partially offset by falling food inflation, where prices still rose but at a much lower rate than this time last year.” Core inflation, a rate that does not include volatile prices such as food and energy, rose to 5.2 per cent, up from 5.1 per cent. ONS chief Grant Fitzner points out that if not for rising tobacco and alcohol prices, inflation would have likely remained at 3.9 percent. Inflation remains at double the Bank of England’s target, and the price of essentials like fuel and food are much higher than they were, with food inflation falling but still running high at 8%.” Are you affected by the inflation increase or have a story to share about the ongoing cost of living crisis?
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