UK consumer prices rise at fastest pace in almost 30 years

Consumer prices in the UK have risen at the fastest pace in almost 30 years as higher costs for energy, transportation, food and furniture squeezed household incomes.

Inflation measured by the consumer price index accelerated to 5.4 percent in the 12 months through December, the Office for National Statistics said on Wednesday. That is the highest rate since March 1992, when inflation stood at 7.1 percent, and above the 5.1 percent seen a month earlier.