Surprise Rebound in UK Inflation Rates in December 2023 Amidst Energy Crisis

London, January 17, 2024 (Xinhua/Peng Xinyi) - The UK experienced an unexpected uptick in inflation rates in December 2023, as revealed by the National Statistics Office's economic data. The Consumer Price Index (CPI) rose by 4.0% year-on-year, marking a rebound from November's 3.9% figure.

The Consumer Price Index is a crucial indicator of inflation levels, and this reversal in readings is the first contra-trend increase since February 2023. Reuters' pre-release survey had anticipated a decrease in the UK inflation rate to 3.8% for December.

This development further distances the UK from the Bank of England's target of reducing inflation to 2%, prompting a downward adjustment in market expectations for a rate cut by the Bank of England.

The National Statistics Office pointed out that the significant impact on the index's rise came from the mid-November increase in tobacco taxes and the seasonal surge in airfare prices.

UK Chancellor of the Exchequer, Jeremy Hunt, cited examples from the United States and the Eurozone, stating, "Inflation does not follow a linear path, but our plans are taking effect, and we should stay the course."

Detailed data indicates that the Consumer Prices Index including owner-occupied housing costs (CPIH) increased by 8.9% year-on-year, consistent with November's data. The core inflation rate, excluding food and energy prices, remained at 5.1%, also unchanged from November, contrary to Reuters' earlier prediction of a decrease to 4.9%.

The inflation rate for food dropped from 9.2% last month to 8%, reaching its lowest level since April 2022.

Over the past two years, the higher levels of inflation have adversely affected the standard of living for ordinary households in the UK. Prime Minister Suvnac faces even greater challenges in the upcoming elections in the second half of this year, as the impact of the energy crisis continues to reverberate through the economy.

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