In December, U.K. inflation remained unchanged at above 10% amid indications that consumers continued to spend during the holiday season despite rising cost of living pressures.
The numbers may have been inflated by a decrease in fuel prices. But there were indications that underlying inflation pressures were still very high, after increasing by 0.3% in Nov,
The statistics make it more difficult for Bank of England to slow the speed of its interest rate hikes as many had predicted, especially when combined with Tuesday’s strong labour market data