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United Kingdom: Inflation eases to 10.5% in December – Business

(Belga) Inflation eased to 10.5% year-on-year in the UK in December from 10.7% in November, but remains at the highest level in history, fueling a cost-of-living crisis in the country.

Transport and especially fuels contributed heavily to the fall in prices last month, but clothing and shoes, or even entertainment and culture, fell despite year-end celebrations, the Office for National Statistics (ONS) said in a report on Wednesday. On the other hand, prices of hotels, air tickets and restaurants increased, while prices of food and non-alcoholic beverages increased, which moderated the fall in prices. “High inflation is a budget nightmare for households, destroys business investment and creates strikes, and although it will be difficult, we must be determined to reduce it,” Finance Minister Jeremy Hunt said in a statement. “We have a plan to halve inflation this year, reduce debt and grow the economy, but it is important to take the necessary tough decisions,” he stressed. Strikes in many sectors such as transport, education or health, trade unions are on the rise in the country demanding wage hikes in line with inflation. The government refuses to accept the demands of the strikers. Opposition Labor finance leader Rachel Reeves lamented that “13 years of lost opportunity under the Tories have weakened our economy and left families in dire straits”. (Belga)

Transport and fuel in particular contributed heavily to the fall in prices last month, but clothing and footwear, or even entertainment and culture, fell despite year-end celebrations, the Office for National Statistics (ONS) said in a report on Wednesday. On the other hand, prices of hotels, air tickets and restaurants increased, while prices of food and non-alcoholic beverages increased, which moderated the fall in prices. “High inflation is a budget nightmare for households, destroys business investment and creates strikes, and although it will be difficult, we must be determined to reduce it,” Finance Minister Jeremy Hunt said in a statement. “We have a plan to halve inflation this year, reduce debt and grow the economy, but it is important to take the necessary tough decisions,” he stressed. Strikes in many sectors such as transport, education or health and trade unions are on the rise in the country demanding wage hikes in line with inflation. The government refuses to accept the demands of the strikers. Opposition Labor finance leader Rachel Reeves lamented that “13 years of lost opportunity under the Tories have weakened our economy and left families in dire straits”. (Belga)

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