Inflation rate by country: How the UK compares with the EU and the US


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The consumer price index measure of increased to 5.5 percent in January, compared with the previous month. The development has been attributed to rising filtering into a variety of goods and services, with fronting the blame by critics of the Government.

Between December 2021 and January 2022, inflation grew by 5.4 to 5.5 percent.

The last time inflation had been greater was in March 1992 – when it stood at 7.1 percent.

Clothing, footwear and furniture prices all helped to drive inflation up according to the non-ministerial department.

Predictions by city economists had forecast the inflation rate to remain at 5.4 percent.

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The Bank of England has set a target for inflation to not exceed 2.0 percent, and said last month that it anticipated the target to be met over the next two years, once interest rates have risen above 1.0 percent.

Inflation is expected to reach a peak of 7.0 percent in April, by which point analysts predict the measure to fall during the second half of 2022.

Despite the increase in the annual inflation rate, prices for goods and services decreased by 0.1 percent in January, after restaurant and hotel prices fell back.

These had previously played a significant role in the inflationary surge that was witnessed within the UK before Christmas.

Republic of Ireland

In the Republic of Ireland, CPI was already at the UK’s current figure of 5.5 percent in December.

Figures here had grown from 5.3 percent in November, with the first set of results for 2022 still to be made public.

France

Economists have estimated that the rate of inflation in France’s January figures will increase to 2.9 percent.

For December, the country recorded a score of 2.8 percent and if inflation does continue to grow higher, it will have reached its greatest rate since September 2008.

European Union (EU)

Like all of the countries already mentioned, annual inflation in the Euro area is predicted to climb higher in January compared with the end of 2021.

In fact, the rate here is anticipated to swell from 5.0 percent (December 2021) to 5.1 percent for January of this year.


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