UK inflation falls to 3% in January
- UK inflation has fallen to 3 per cent, according to the latest Consumer Price Index (CPI) data published by the Office of National Statistics.
- The decrease follows a surprise rise to 3.4 per cent in December, marking a return to the gradual downward trend observed late last year.
- Analysts predict that inflation remains on course to reach the government's 2 per cent target by April.
- The fall in inflation, coupled with recent data showing rising unemployment and slowing wage growth, has prompted hopes for an interest rate cut by the Bank of England next month.
- Chancellor Rachel Reeves said that cutting the cost of living is her number one priority, attributing the inflation reduction to government choices.
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