UK’s soaring inflation caused by ‘perfect storm’ of conditions, says expert

Investment analysis expert Laith Khalaf explains how Consumer Prices Index (CPI) inflation reached 5.5% in January, and says rising energy and transport costs are a key contributing factor.

The rate of Consumer Price Index inflation hit 5.4 per cent in December and remains at a near 30-year high after rising to 5.5 per cent in January.

Grant Fitzner, chief economist at the Office for National Statistics (ONS), said clothing and footwear were among the factors behind the rise.

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