Inflation in the United Kingdom is at its highest level in nearly 30 years, according to the UK Office for National Statistics.
The consumer price index increased to 5.5% in January, up from 5.4% the previous month. The most recent figure is the highest since March 1992, when inflation hit 7.2%. In contrast, consumer prices in the United States increased by 7.5% last month, the highest rate in 40 years.
Meanwhile, inflation in South Africa fell to 5.7% in January, down from 5.9% the month before – a fraction of a percentage point below the ceiling of the South African Reserve Bank’s target range of 3% to 6%, according to data released on Wednesday.
Food and non-alcoholic beverages, housing and utilities, transportation, and miscellaneous goods and services were the main contributors to the annual inflation rate of 5.7%, according to Statistics South Africa.
In December, the annual increase was 5.9%, the highest since March 2017, when it was 6.1%. Lower fuel prices aided the slowdown in inflation in January.
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