Inflation beats expectations to stick at 3% putting further pressure on BoE to hike rates in May

Remained unchanged at 3%

The UK inflation rate remained flat at 3% in January, according to the Office for National Statistics (ONS), beating analysts' expectations of a drop to 2.9%.

Consumer Price Inflation (CPI) came in unchanged on the previous month after a fall in oil prices was offset by prices for cultural goods and services, according to the ONS. In particular, the ONS said, prices for admissions to zoos and gardens fell less than they did a year ago. In December, inflation fell to 3% from November's five-year high of 3.1%, its first drop since June 2017. Inflation has been climbing steadily since the beginning of last year but many have predicted it has peaked at around 3%. However, concerns about rising inflation, albeit particularly in the US, have c...