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MNI BRIEF: UK Inflation Hits Highest Annual Rate Since March

Bank of EnglandCEEMEACentral Bank NewsPolicy NewsBriefUKStory

MNI (LONDON) - UK inflation rose at the fastest pace in almost a year in January, outpacing even the Bank of England's expectation for a move higher, data released Wednesday by the Office for National Statistics showed.

CPI rose by 3.0%, year-on-year, up from 2.5% in the 12 months to December, hitting the highest level since the 3.2% seen in March 2024. “The rise was driven by air fares not falling as much as we usually see at this time of year, partly impacted by the timing of flights over Christmas and New Year," ONS Chief Economist Grant Fitzner said.

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MNI (LONDON) - UK inflation rose at the fastest pace in almost a year in January, outpacing even the Bank of England's expectation for a move higher, data released Wednesday by the Office for National Statistics showed.

CPI rose by 3.0%, year-on-year, up from 2.5% in the 12 months to December, hitting the highest level since the 3.2% seen in March 2024. “The rise was driven by air fares not falling as much as we usually see at this time of year, partly impacted by the timing of flights over Christmas and New Year," ONS Chief Economist Grant Fitzner said.

Keep reading...Show less