Inflation in the UK remained at 4% in January – Kommersant
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The UK Consumer Price Index (CPI) stood at 4% year on year in January. This inflation indicator had the same level a year earlier. Compared to December 2023, January inflation was 0.6% lower. This data is provided on a monthly basis. report British Office for National Statistics (ONS).
Analysts polled by Reuters had forecast inflation at 4.2% in January, given rising household energy prices. Meanwhile, the increase in the price of electricity was offset by a decrease or retention of prices for some other categories of goods and services. Thus, for the first time in more than two years, food prices decreased: in December 2023, the inflation rate for food and non-alcoholic drinks was 0.6%, and in January 2024 – 0.4%. In January, prices for furniture decreased at the fastest pace in the last four years, prices for clothing and shoes, as well as for transport, decreased significantly.
Inflation in the UK reached its peak in October 2022, when it was 11.1%. As Chancellor Jeremy Hunt said, “Inflation never falls in a perfect straight line, but our plan is working; “We have made impressive progress in bringing inflation down from 11%, and the Bank of England forecasts it will fall to around 2% in the coming months.”
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