While there are no signs of a 'wage-price spiral' core services inflation is still rising, signaling that higher private sector wages are beginning to stick despite the highest of inflation being behind us.
The inflation rate is a way of measuring the decline in the purchasing power of money over time, Pic: AP
That inflation of 10.5% should be essentially good news speaks volumes for the economic turmoil of the last year.suggests price rises may have peaked and the descent towards less corrosive rates, perhaps below 6% by the middle of the year, has begun. Some of this will be down to economic gravity, as increases that were gathering pace at the turn of last year, and accelerated with the Russian invasion of Ukraine in February, are lapped by this year's figures., however, it does not mean the worst is over for consumers; falling inflation is not the same as falling prices. It is only the rate of increase that is slowing.
That is good for drivers at the pump and for the economy more widely, reducing the cost of supplying goods as almost nothing in the UK moves without seeing the back of a lorry. Falling fuel costs have not been enough to curb food prices, up 16.8% in the run-up to Christmas, a faster rate than in November and the highest since 1977 by Office of National Statistics calculation.
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