🔴 UK inflation eased for the third month running, falling to 10.1% in January from 10.5% in December, according to the Office for National Statistics
released on Wednesday morning show the rate of consumer prices index inflation fell by 0.4 per cent due to falling prices on fuel forecourts. The CPI measures the monthly change in prices for goods and services paid by UK consumers.
While the fall was more than economists expected, the country is still firmly in the grip of the cost-of-living crisis, with theChancellor Jeremy Hunt said the fight to reduce inflation is “far from over” as it remained in double figures in January, with the high rate causing “pain for families and businesses”.
The figures mark a further decline from the peak inflation of 11.1 per cent seen in October 2022, caused by soaring energy prices.with inflation hitting double digits and shop prices yet to reach their peak, according to a number of retailers. Grant Fitzner, chief economist for the ONS, said: “Although still at a high level, inflation eased again in January.“Petrol prices continue to fall and there was a dip in restaurant, cafe and takeaway prices.”
He added: “The cost of furniture decreased by more than this time last year, in line with traditional New Year discounting. These were offset by rising prices for alcohol and tobacco, following on from seasonal price cuts in December and a more subdued rise at the same time last year.”
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