Inflation accelerated to 3% in January, in a fresh setback for consumers and the chancellor. The rate of Consumer Prices Index (CPI) soared at the start of the year, according to Office for National Statistics (ONS) data released on Wednesday. It is up from 2.5% in December, when the rate surprisingly eased back. Economists have said higher private school fees, driven by the Labour Government’s move to end the long-standing VAT exemption for private schools on January 1, are likely causes of the rise.
Inflation soars to highest level in 10 months
Inflation soars to highest level in 10 months
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