P.M. BRIEFING : British Inflation Rate Soars to 7.5%
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LONDON — Britain’s annual inflation rate surged to 7.5% in January from 6.8% in the previous month, pushed to its highest level in more than six years by higher mortgage rates, the government said today.
The Department of Employment said its retail price index rose 0.6% in January from the previous month.
The January rise was within the range of market expectations of an annual increase of 7.3% to 7.5%. Chancellor of the Exchequer Nigel Lawson warned last Saturday that the rise was likely to be much above the 6.8% increase recorded for December.
Share prices retreated on London’s Stock Exchange on the news, and the pound rose a bit. Trading in the markets was quiet.
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