UK inflation dips but chancellor warns 'fight is far from over'

Down to 10.1%

UK inflation fell to 10.1% in the year to January, down from 10.5% in December, according to the Office for National Statistics, the third consecutive month of declines.

This is below economists' expectations, which had forecast inflation to hit 10.3% at the start of the year. However, this is still brushing against the 40-year high rate. This comes five days after the ONS revealed the UK narrowly avoided a recession in Q4 2022 and debate about whether this will be changed when figures are revised. US inflation eases to 6.4% in January In today's (15 February) ONS report, the biggest contributions to inflation remaining high came from housing and household services (mainly from electricity, gas, and other fuels), and food and non-alcoholic bever...