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13/12/2011
UK Inflation Rate 'Highest In EU' Despite Fall
Although the UK's inflation rate dropped slightly in November it is now the highest in the EU, according to the Labour party.
Tuesday's figures from the Office for National Statistics (ONS) on the rate of Consumer Prices Index (CPI) inflation in the UK fell to 4.8% during November, down from 5% the month before.
The rate is well in excess of the Bank of England's target of 2% and over a percentage point higher than other financially troubled EU countries such as Italy, Spain, Greece and Ireland.
Owen Smith, Labour's Shadow Treasury Minister, said that Britain now had the highest inflation of any EU country and it was time Ministers "took responsibility".
"We need action now to help hard-pressed families and pensioners who have been hit hard by the Tory VAT rise and this out of touch Government’s failure to act on soaring energy prices.
"A temporary cut in VAT, part of Labour’s five point plan for jobs, would ease the squeeze on families, boost our struggling high streets and help to kick-start our flatlining economy. It would cut petrol prices by 3p a litre and give a couple with children an average boost of £450 a year.
According to the ONS, the fall was partly due to a slowdown in the rise in food and non-alcoholic drink prices. Cereals and bread prices fell by 1% in the month, compared with a 1.9% increase a year ago.
(DW)
Tuesday's figures from the Office for National Statistics (ONS) on the rate of Consumer Prices Index (CPI) inflation in the UK fell to 4.8% during November, down from 5% the month before.
The rate is well in excess of the Bank of England's target of 2% and over a percentage point higher than other financially troubled EU countries such as Italy, Spain, Greece and Ireland.
Owen Smith, Labour's Shadow Treasury Minister, said that Britain now had the highest inflation of any EU country and it was time Ministers "took responsibility".
"We need action now to help hard-pressed families and pensioners who have been hit hard by the Tory VAT rise and this out of touch Government’s failure to act on soaring energy prices.
"A temporary cut in VAT, part of Labour’s five point plan for jobs, would ease the squeeze on families, boost our struggling high streets and help to kick-start our flatlining economy. It would cut petrol prices by 3p a litre and give a couple with children an average boost of £450 a year.
According to the ONS, the fall was partly due to a slowdown in the rise in food and non-alcoholic drink prices. Cereals and bread prices fell by 1% in the month, compared with a 1.9% increase a year ago.
(DW)
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The UK's unemployment rate has risen by 128,000 in the three months to October, reaching 2.64 million, according to the Office for National Statistics (ONS). Reaching a 16-year high, the jobless rate was 8.3%, up from 7.9% in the last quarter of the year. Meanwhile, youth unemployment rose to 1.
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