Economic Review January 2023
- Data released by the Office for National Statistics revealed that the UK economy expanded unexpectedly by 0.1% in November.
- The Consumer Prices Index annual rate – which compares prices in the current month with the same period a year earlier – fell to 10.5% in December due to easing price pressures for motor fuels and clothing.
- Whilst wages are now rising at their fastest rate in over 20 years, the latest ONS data showed that pay growth is still failing to keep up with the rise in prices.
