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Saturday, 18 November, 2023

Inflation eases back again to 101 as air fares and fuel costs come down

Inflation eases back again to 10.1% as air fares and fuel costs come down

UK inflation has eased back for the third straight month to 10.1% in January as lower air fares and fuel costs helped slow rises in the cost of living, according to official figures.

The Office for National Statistics (ONS) revealed Consumer Prices Index (CPI) inflation dropped sharply from 10.5% in December in a bigger-than-expected fall.

Most economists had been expecting a drop to 10.3% last month.

Grant Fitzner, chief economist for the ONS, said: “Although still at a high level, inflation eased again in January.

“This was driven by the price of air and coach travel dropping back after last month’s steep rise.

“Petrol prices continue to fall and there was a dip in restaurant, cafe and takeaway prices.”

He added: “The cost of furniture decreased by more than this time last year, in line with traditional New Year discounting. These were offset by rising prices for alcohol and tobacco, following on from seasonal price cuts in December and a more subdued rise at the same time last year.”

Published: by Radio NewsHub

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