UK inflation hits 30-year high; house prices at record; US retail sales bounce back – as it happened
by Graeme Wearden from Economics | The Guardian on (#5W6H3)
Rolling coverage of the latest economic and financial news
- US retail sales beat forecasts
- Introduction: cost of living crisis deepens
- Full story: UK inflation rises to 30-year high of 5.5%
- House prices jumped last year...UK interest rate rises loom
- RPI inflation surge will push up debt repayments
- Factory gate inflation also jumps higher
- People are desperate': Kent food bank and families hit hard by inflation
Retail price inflation, a longer-running measure of rising prices, has surged to 7.8%, its highest level since March 1991.
RPI includes measures of housing costs. The ONS says RPI is no longer accurate, but it is still used to set some payments - such as the interest rate on student loans, and the interest payments for some government bonds.
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