The Consumer Price Index inflation rate decreased to 10.1% in January from 10.5% in December, according to the Office of National Statistics.
The ONS stated that falling gasoline and diesel costs led to the small reduction. However, the decrease in fuel prices was countered by an increase in the cost of alcoholic beverages and cigarettes.
The minor fall occurs as Chancellor Jeremy Hunt prepares his Budget for the following month, with inflation reduction being the primary driver of anticipated measures.
Mr. Hunt stated, “While any decline in inflation is to be applauded, the battle is far from over.”
High inflation stifles economic growth and hurts individuals and companies; thus, we must adhere to the goal to half inflation this year, cut debt, and grow the economy.
His Labour shadow, Rachel Reeves, stated, “With inflation nearing a 40-year high, people will wonder if 13 years of Tory rule has made them and their families feel better off. The answer is negative.
Despite Britain’s immense potential, homeowners will suffer another economic blow in April when energy costs increase.
»We will fight till the end in our war against inflation«
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