Adding pressure on the Bank of England to hike its interest rate at the February meeting, UK consumer price inflation accelerated at the fastest pace in nearly 30 years in December, driven by higher food, drinks and restaurant costs.
Consumer price inflation rose to 5.4 percent in December from 5.1 percent in November, the Office for National Statistics said Wednesday. The rate was forecast to climb marginally to 5.2 percent.
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May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.