14 February 2024

The UK’s inflation rate has remained at 4% in the year to January, unchanged from December 2023. The Office for National Statistics (ONS) suggest that the increase in energy bills is offset by the fall in food prices.

The Bank of England were among many that had predicted a slight rise in the inflation figure last month, following the increase in the energy price cap.

However, for the first month since May 2021, there was a decline in the cost of food items, non-alcoholic drinks, household goods and furniture.

Keep an eye out for the next update released on 20 March 2024, just one day before the Bank of England announce the bank rates on 21 March 2024.

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