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UK inflation unexpectedly dipped in December, raising expectations of an interest rate cut next month. Prices rose 2.5% in the year to December, down from 2.6% the month before, marking the first ...
In its latest World Economic Outlook, from April this year, the IMF projected UK real GDP will grow by 0.5% in 2024 and 1.5% in 2025. In the same report the US is projected to grow by 2.7% in 2024 ...
According to a 2024 study by the European Central Bank, weather and climate change should increase food inflation by more than 0.1% per month. [55] Increased insurance premiums have also occurred in areas that experienced more frequent and intense wildfires and floods due to climate change.
The UK was reported to be among the worst affected among the world's advanced economies. In 2021, the UK's inflation was less than that of the US, but high US inflation was not generally experienced as a cost-of-living crisis due to the stimulus cheques that had been distributed to American households. [8]
5 January – Heavy snow causes travel disruption across the UK, as weather warnings remain in place. Temperatures are reported to have fallen to as low as −11°C overnight in Loch Glascarnoch, Scotland. [15] 6 January The government scraps a plan to phase out gas boilers in UK homes by 2035. [16] 2025 United Kingdom floods:
Rate hits 10.4% in February, tilting back up after recent falls in figures
Uk inflation history inflation hit 24% in 1975 and in 1976 the Sterling crisis occurred, followed by the Winter of Discontent [2]. The traditional measure of inflation in the UK for many years was the Retail Prices Index (RPI), which was first calculated in the early 20th century to evaluate the extent to which workers were affected by price changes during the First World War.
The Bank of England’s Monetary Policy Committee is expected to increase rates from 1.25% to 1.75%.