Reported 2 days ago
UK inflation rose to its highest level in ten months in January, reaching 3% year-on-year, driven by increased airfares, food prices, and the introduction of a 20% VAT on private school fees, which caused education inflation to surge to 7.5%. Despite these pressures, the Bank of England maintains a cautious stance on interest rate cuts, with expectations for further increases in inflation linked to energy costs later this year, as families continue to face rising living costs amidst stagnant economic growth.
Source: YAHOO