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United Kingdom

United Kingdom
People walk through a London Underground tube station amid the coronavirus disease (COVID-19) outbreak, in London, Britain December 29, 2021.

KONTAN.CO.ID - LONDON. 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.

The annual rate of consumer price inflation rose to 5.5% in January, the highest since March 1992, the Office for National Statistics said on Wednesday, above expectations from economists in a Reuters poll for it to hold at December's 5.4%.

Earlier this month the Bank of England revised up its inflation forecasts to predict inflation will peak at around 7.25% in April, when a 54% rise in regulated household energy bills take effect, squeezing households hard.

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