UK inflation set to ease back faster than expected, says IMF

A drop in in the average price of petrol and for various everyday groceries helped push down the UK’s overall inflation rate in January (Alamy/PA) -

UK inflation is set to ease back to target levels quicker than previously expected, according to projections from the International Monetary Fund (IMF).

It came as the global economic body said the global economic shock from the conflict in the Middle East was “better than feared”.