UK inflation soared to a 30-year high in the year to December thanks to rising energy costs, strong demand for goods and services, and ongoing supply chain disruption.
According to the latest data from the Office for National Statistics (ONS) on Wednesday, the consumer price index (CPI) measure of inflation rose to 5.4%, the highest since March 1992 when it was 7.1%.
This is up from a decade-high of 5.1% in November, while economists polled by Reuters forecast inflation to hit 5.2%.
Food prices and non-alcoholic drinks grew strongly during the year, as well as restaurants and hotels, furniture and household, goods and clothing and footwear.
In food, bread and cereals, meat, and vegetables such as potatoes went up in price.
The cost of transport and motor fuels also gained, adding more than 1 percentage point to the annual rate of inflation.
These large rises were slightly offset by petrol prices, which despite…
