Cost of living up despite Covid Christmas curbs
Prices rose at a faster rate in the UK in December, despite Covid curbs that forced non-essential shops to shut.
Consumer Prices Index inflation jumped to 0.6%, from 0.3% in November, pushed higher by rising transport and clothes prices, the Office for National Statistics (ONS) said.
Many people rushed to travel and beat Christmas restrictions, forcing up prices.
The rise was slightly higher than many economists’ forecasts of 0.5%.
What is inflation?
Inflation is the rate at which the prices for goods and services increase.
It affects everything from mortgages to the cost of our shopping and the price of train tickets.
It’s one of the key measures of financial well-being, because it affects what consumers can buy for their money. If there is inflation, money doesn’t go as far.