Reported 2 days ago
UK inflation surged to a 10-month high of 3% in January, up from 2.5% the previous month, primarily driven by rising airfares, food costs, and school fees. This unexpected spike exceeds the Bank of England's target of 2% and raises doubts about potential interest rate cuts. The central bank recently reduced its main interest rate to 4.50% for the third time in six months, reflecting growing concerns about sluggish economic growth and its impact on the new Labour government's ambitions to boost living standards.
Source: YAHOO