Inflation rate picked up in January, CPI report shows. Here's what it means for your money.
On a monthly basis, the CPI rose 0.5%, versus economists' forecast for a 0.3% increase, according to FactSet. That's the biggest monthly jump since August 2023. It may be due to price increases set at the start of the year by many businesses, noted Bright MLS chief economist Lisa Sturtevant in an email.
Rate of inflation jumps to 3% in January in bigger than expected rise
Rate of inflation jumps to 3% in January in bigger than expected rise - Fuel and VAT on private school bills fuel the Consumer Prices Index
Inflation hit 7-month high of 3% in January. Here's what it means for Fed rate cuts
Inflation slowed through much of last year – falling as low as 2.4% from a 40-year high of 9.1% in mid-2022 – but it has remained stubbornly high since fall. The cost of services such as car insurance, auto repairs and health care have continued to rise in part because of the delayed effects of pandemic-related vehicle shortages or wage increases.
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UK inflation rate jumps to 10-month high of 3%
Take a look at the below to see how inflation has changed over the last several years - the red dotted line signals the Bank of England's target to keep it at 2%. The chief economist of the Office for National Statistics,
UK inflation jumps by more than expected to 3.0%
LONDON (Reuters) -British inflation sped up by more than expected to hit a 10-month high of 3.0% in January and it is likely to rise further soon, testing the Bank of England's confidence that price pressures are on a downward path over the longer term.
UK inflation reaches highest level in 10 months as it jumps to 3 per cent
The rate of Consumer Prices Index (CPI) inflation rose to 3% in January from 2.5% in December, the Office for National Statistics (ONS) said
Inflation rate rises to 3% to reach its highest level in 10 months
The rate of CPI inflation increased to 3 per cent in January to reach its highest level since March last year, the Office for National Statistics said.
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