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News
Inflation soars
The rising cost of living is top of the agenda again with Retail Price Index inflation (unions’ preferred measure) reaching 8.2%, Consumer Price Index (CPI) 6.2% (another 30-year high) and CPIH (CPI with a housing element) 5.5%.
The Office for Budget Responsibility expects CPI to peak at 8.7% in the fourth quarter of 2022, while its longer-range forecasts (which see inflation declining next year and beyond) are subject to “significant uncertainty”.