Rising prices, stagnant incomes, and flatlining growth raising fears of recession: 2023 was tough.
But with a pre-Christmas surprise drop in inflation, will the dawning of 2024 – likely to be an all-important election year – ring in a brighter, less pressured phase?
And how does the UK experience compare to elsewhere?
And how does the UK experience compare to elsewhere?
The worst of the cost-of-living crisis appears behind us – but prices were still 3.9% higher in the UK than a year ago in November.
Inflation’s the same in France but above the EU’s 3.1% inflation rate, looking at the most comparable figures. It’s even lower in the US.
Britain had particularly stubborn inflation due to experiencing the worst of both sources of price shocks affecting rich countries – 2022’s spike in energy and food costs prompted by the war in Ukraine, and a post-pandemic shortage of workers.
But as those pressures retreat, the inflation gap is narrowing.
Rising prices, stagnant incomes, and flatlining growth raising fears of recession: 2023 was tough.
And how does the UK experience compare to elsewhere?
But with a pre-Christmas surprise drop in inflation, will the dawning of 2024 – likely to be an all-important election year – ring in a brighter, less pressured phase?
The worst of the cost-of-living crisis appears behind us – but prices were still 3.9% higher in the UK than a year ago in November.
And how does the UK experience compare to elsewhere?
And how does the UK experience compare to elsewhere?
The worst of the cost-of-living crisis appears behind us – but prices were still 3.9% higher in the UK than a year ago in November.
Inflation’s the same in France but above the EU’s 3.1% inflation rate, looking at the most comparable figures. It’s even lower in the US.
Britain had particularly stubborn inflation due to experiencing the worst of both sources of price shocks affecting rich countries – 2022’s spike in energy and food costs prompted by the war in Ukraine, and a post-pandemic shortage of workers.
But as those pressures retreat, the inflation gap is narrowing.
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