The latest inflation figures show a slight fall in the rate of inflation. The December figures that were published on Friday morning show that during the past 12 months prices have risen by 10.4%. This is down 0.2% on November’s inflation figure of 10.6%.
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Inflation falls to slighly and is now 10.4%
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Once again, the spiraling cost of energy has served to fuel inflation. During the past year, the price of electricity has gone up by 35.5%. Meanwhile, gas is 73.1% more expensive than it was a year ago. There has also been a sharp increase in the price of food and drink (including alcoholic drinks).
Compared with December 2021 food and drink has risen in price by 14.5%. The price of cooking oil, fish, dairy products, bread and grain products in particular has increased sharply in recent months.
Cooking oil is currently 29% more expensive than it as a year ago, while bread and grain products are 15.9% more expensive. Meat is 12.9% more expensive than it was a year ago. Among the other products that have seen sharp price hikes during the past year include dairy products, airline tickets, heating oil and vegetables.
11.1% wage increase for many private sector workers
The high rate of inflation means that many private sector workers will see their wages increase considerably in January. These are people that work in sectors of the economy where wages are only have one index-linked increase a year to let them keep pace with inflation.
One such sector is the hospitality industry and the many white collar staff that fall under the employment pay and conditions terms agreed by Joint Committee 200. Next month they will see their pay increase by 11.1%. This is three times the increase they received in January 2022.