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UK inflation leaps to higher-than-expected 3% in January

UK inflation rose to 3% in January, the highest level in 10 months, according to the Office for National Statistics , primarily due to higher costs for private schools after VAT was imposed, along with rising food and airfare prices.
Analysts had predicted a lower inflation rate of around 2.8%, but it exceeded expectations, indicating broader economic challenges.
Chancellor Rachel Reeves stated that getting more money in people's pockets is her 'number one mission' amid concerns over family finances from inflation.
The Bank of England expects inflation to rise further to 3.7% mid-year, influenced by global energy costs, before falling back to around its target of 2%.

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Channel 4

Inflation hits 3% – what it means for struggling UK economy

The Bank of England is warning that its ambition to chase the inflation rate down to 2 per cent has suffered a setback.

29 days ago·London, United Kingdom

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Merco Press

UK January inflation climbs to 3%; Bank of England anticipates ‘bumpy road’ ahead

The UK rate of inflation reached 3% in January, from 2.5% in December, higher than forecasts and with the Bank of England anticipating a “bumpy road” ahead. Forecasts are that it will hit 3.7% later in the year and moving even further away from the Bank's 2% target.

29 days ago·Caracas, Venezuela, Bolivarian Republic of

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Semafor

UK inflation jumps to a ten-month high in January

The NewsUK inflation rose by more than expected to hit a ten-month high of 3% in January indicating that an imminent interest rate cut may be unlikely.Consumer price inflation increased from 2.5% in December, driven up by the cost of meat, bread, cereals, and airfares, as well as the government’s move to impose a value-added tax on private school fees.The unexpected rise makes it “improbable” that the Bank of England will cut interest rates in M…

30 days ago·New York, United States

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Fife Today

+5 Reposted by 5 other sources

UK inflation rate: is inflation good as rates rise to 10-month high - what increase news means for your money

Inflation is making everyday life more expensive, but some prices are starting to drop 💸

30 days ago·Kirkcaldy, United Kingdom

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The Star

Inflation hits 10-month high driven by travel and food cost increases - what it means

Inflation is making everyday life more expensive, but some prices are starting to drop 💸

30 days ago·Sheffield, United Kingdom

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The Epoch Times

UK Inflation Jumps to 10-month High of 3 Percent

UK inflation jumped to its highest level for 10 months in January, according to new official figures. Plane fares, rising food costs, and a sharp jump in private school fees all contributed to higher living costs. The rate of Consumer Prices Index (CPI) inflation rose to 3 percent in January from 2.5 percent in December, the Office for National Statistics (ONS) said. It was higher than predicted by analysts, who had forecast a rate of around 2.8…

30 days ago·New York, United States

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