UK inflation falls in January for third consecutive month
UK inflation fell for a third consecutive month in January although remained in double-digits at among the highest levels in 40 years amid the cost of living crisis.
The Office for National Statistics said the annual inflation rate as measured by the consumer prices index fell to 10.1%, continuing a decline from 10.5% in December and its recent peak of 11.1% in October.
City economists had forecast a modest fall to 10.3%.
It comes as the Bank of England considers a further rise in interest rates to tackle inflation at the highest levels since the early 1980s, in a move adding to pressure on borrowers after 10 successive rate rises in the past 18 months.
Rishi Sunak has also promised to halve the annual inflation rate this year as the cornerstone of his economic plans. Most economists expect inflation to fall back over the coming months amid a drop in global energy prices, and as the initial surge in markets after Russia’s invasion of Ukraine drops out of the annual inflation rate.
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