PREVIEW

UK Inflation Falls To 3% As Petrol And Food Prices Ease. The UK inflation rate has fallen to 3% in the year to January, according to the Office for National Statistics. The drop, which had been forecast by economists, marks a decline from December’s 3.4% figure. The ONS says lower prices for bread, cereals and petrol helped drive the slowdown. Despite the fall, inflation remains above the Bank of England’s 2% target. Chancellor Rachel Reeves says decisions taken in the November Budget are helping to bring inflation down. But shadow chancellor Mel Stride argues families are still struggling, blaming what he calls Labour’s economic mismanagement. Inflation measures how quickly prices rise over time and is calculated by tracking the cost of everyday goods and services. While the latest figures suggest some easing of pressure, policymakers and households alike are watching closely to see whether the downward trend continues.
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