UK inflation hits highest level in almost three decades at 5.5%

Inflation in the United Kingdom has risen at the fastest rate in almost 30 years. The consumer price index ticked up to 5.5 per cent in the 12 months through January and was up from 5.4 per cent the previous month, the Office for National Statistics said Wednesday. The latest figure is the highest since March 1992, when inflation reached 7.2 per cent. By comparison, US consumer prices jumped 7.5 per cent last month — the highest rate in 40 years.

Meanwhile, Canada’s annual inflation rate accelerated again in January to hit a 30-year high of 5.1 per cent, as food and housing costs continued to rise, Statistics Canada said on Wednesday.