UK inflation slowed by more than expected in January to hit a five-month low in a further sign that the cost- of living crisis has passed its peak, official figures have shown.
The Office for National Statistics (ONS) revealed Consumer Prices Index (CPI) inflation dropped sharply to 10.1% last month - the lowest reading since September last year - from 10.5% in December as lower air fares and fuel costs helped slow down the pace of price rises. It marks a further welcome decline from the eye-watering peak of 11.1% seen last October, caused by soaring energy prices, and may see the Bank of England take its foot off the pedal with further big interest rate rises.
But with inflation still in double digits and the rate near 40-year highs, households are yet to feel the pressure ease.
