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The Independent UK

Business

Henry Saker-Clark

Inflation jumps to 10-month high, knocking chance of early interest rate cut

Inflation The Bank of England PA Graphics Grant Fitzner Office for National Statistics

UK inflation increased to 3% in January, according to official figures (Gareth Fuller/PA) - (PA Wire)

UK inflation jumped more sharply than expected at the start of the year, posing a dilemma for the Bank of England as it considers further interest rate cuts amid weak economic growth.

The Office for National Statistics (ONS) said on Wednesday that Consumer Prices Index (CPI) inflation rose to 3% in January from 2.5% in December.

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