UK CPI fell to 10.5% in December, but energy and food prices remained high.

(European News Agency)

[Financial Channel/Comprehensive Report] Even though inflation in various countries is gradually showing signs of easing, British Chancellor of the Exchequer Jeremy Hunt believes that the UK's inflation rate cannot fall back to 5% this year as originally expected, and said that the best tax cut measure is Lower inflation.

"BBC" reported that the British CPI rose to 11.1% in October last year, a 40-year high, although it fell back to 10.5% in December, and British Prime Minister Rishi Sunak had previously promised to reduce the inflation rate by the end of this year. However, Jeremy Hunt believes that although UK inflation should have peaked, the prices of food, transportation and services are still high, making it more difficult to reduce the inflation target to 5% this year.

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The soaring cost of living has increased the borrowing situation in the UK. Jeremy Hunt said that in the budget to be announced in March, it is unlikely that there will be a substantial tax cut plan, but it will be committed to boosting the British economy and controlling price increases trend, because he believes that the best tax cuts are to reduce inflation.

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