The latest data, just released by the Office for National Statistics, shows that the consumer prices index (CPI) measure of inflation rose to 3% in the 12 months to January, up from 2.5% in December.
Since the election we’ve seen year on year wages after inflation growing at their fastest rate – worth an extra £1,000 a year on average – but I know that millions of families are still struggling to make ends meet.
Transport costs rose at the fastest annual rate since February 2023 because of air fares and fuel prices, which both fell by less than last year, partially offset by a downward effect from secondhand cars.
Inflation in services – closely watched by the Bank of England – rose to an annual rate of 5% in January, up from 4.4% in December.
Commenting on today’s inflation figures for January 2025, ONS Chief Economist Grant Fitzner said: (Quote 1 of 2) 💬 pic.twitter.com/yAyP1D5OwL.
