The Bank of England has jingled their bell and raised interest rates by 0.5 percentage points to 3.5 percent, in a bid to ho-ho-hold back double-digit inflation that has caused a yule tide of expensive prices.
The MPC (Monetary Policy Committee) hope this festive move is enough to make everyone's wallets merry, as they try to tame the 10.7 CPI annual inflation figure from November.
In the run-up to Christmas the Bank has just unwrapped the ninth rate rise of the year - though marginally less than the 0.75 point rise in November.
Six MPC members jingled all the way to a decision to raise rates, but three members didn't join in the festive gloom and voted against.
The decisions hikes UK rates to a new peak, not seen since October 2008, and comes at a not-so-jolly time with UK falling into recession.
The Christmas cheer didn't exactly spread throughout the UK in November, even though inflation dropped from frosty 11.11% to a chilly 10.7%... and the Bank weren't feeling the festive spirit so didn't support an even smaller rate increase - especially with food and energy prices remaining so high right now.
It appears that Santa has been checking his list twice to make sure prices are nice, as the easing of global supply chains have eased the pressure on lots of commodities and goods. Cost pressures have been somewhat contained across the world’s markets. However, the current winter wonderland weather coupled with the rise in gas prices and rising food prices could result in longer lasting period of high inflation.
Across the pond the administration is looking to slow down rate rises next year due to the heavily forecast deepening recession and the job losses that will bring. While the UK expects further lowering of its GDP.