Plane fares, rising food costs, and a sharp jump in private school fees helped push inflation higher.
UK inflation jumped to its highest level for 10 months in January, according to new official figures.
Plane fares, rising food costs, and a sharp jump in private school fees all contributed to higher living costs.
The rate of Consumer Prices Index (CPI) inflation rose to 3 percent in January from 2.5 percent in December, the Office for National Statistics (ONS) said.
It was higher than predicted by analysts, who had forecast a rate of around 2.8 percent.
The sharp increase will add to pressure on policymakers at the Bank of England over whether to consider further interest rate cuts in their bid to keep inflation around their 2 percent target rate.
ONS Chief Economist Grant Fitzner said: “Inflation increased sharply this month to its highest annual rate since March last year.
Related Stories
“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. This was the weakest January dip since 2020.
“After falling this time last year, the cost of food and non-alcoholic drinks…
Read the full article here