UK inflation dips, remains above 10% due to lower transports costs.
As per a statement from the Office for National Statistics, the Inflation Prices Index shrank from 10.5 percent in December to 10.1 percent in January.
ONS chief economist Grant Fitzner commented that, “albeit still at a high level, inflation dropped again in January.”
“This was primarily due to the return of lower air and bus travel costs following a sharp increase last month.
In addition, he noted that pricing at restaurants, cafes, and takeaways had decreased.
The cut was welcomed but Jeremy Hunt, the finance minister, warned that
“the fight is far from done”
He kept going in a statement,
“High inflation chokes growth and hurts individuals and businesses”
“We must stick to the strategy (to) halve inflation this year, decrease debt, and build the economy.”
The information follows data released last week that showed Britain narrowly escaped a recession in 2022.
The Russian invasion of Ukraine drove up oil and food costs, causing global inflation to rise last year, with the UK’s rate of price increases reaching a peak of over 11% in October.
Due to the cost-of-living issue that has resulted from this, Britain is currently seeing its largest wave of worker strikes in more than ten years.
