CPI in the UK surged to 3.7% annually in December, a significant jump over November’s 3.4% mark.
Consensus was for 3.3%, year-over-year rise in the CPI.
That headline number is the only the beginning of a list of record breaking rises.
- Month-over-month increase of 1% in CPI, the highest for the November to December time frame
- The largest monthly increase in transport costs (including fuel) on record
- The largest November to December increase ever for household costs
- The largest November to December increase ever for food costs
Just take a look at the contribution of food and transport costs to CPI. Does this story sound familiar?
Photo: UK National Statistics