Rishi Sunak (Stefan Rousseau/PA)
(Picture: PA Wire)The news that inflation had risen in the UK again last month will surprise no one who went about their Christmas shopping as the country continues to be hit by the duel forces of rising prices and relatively stagnant wages. Chancellor of the Exchequer, Rishi Sunak said: “I understand the pressures people are facing with the cost of living, and we will continue to listen to people’s concerns as we have done throughout the pandemic.”
This was in response to the inflation figures showing that prices were rising at a rate of 5.4% up from 5.1% in November, and it has been predicted could hit a rate of 7% once the energy price rises kick in in April. Alpesh Paleja, CBI Lead Economist, said: “We’ve not seen the end of rising inflation yet. We expect it to peak in the months ahead, not least if, as expected, the energy price cap is raised.
