UK inflation slows again, but remains near a 40-year high

Figures from the Office for National Statistics showed CPI fell to 10.1% in January as lower fuel prices started to filter through to consumers.

a ten pound note in someone's hand
(Image credit: © Getty Images)

Inflation slowed again in January primarily due to lower petrol and diesel prices, although the Consumer Prices Index (CPI) remains near a 40-year high.

CPI came in at 10.1% in the year to January 2023. After slowing for three months straight, it’s now well below the peak of 11.1% reached in October 2022.

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Nic studied for a BA in journalism at Cardiff University, and has an MA in magazine journalism from City University. She has previously worked for MoneyWeek.