LONDON, Feb. 14 (Xinhua) -- The United Kingdom (UK)'s consumer price index (CPI) rose by 4.0 percent in the 12 months to January, the same rate as in December 2023, the Office for National Statistics (ONS) said on Wednesday.
The price of gas and electricity rose at a higher rate than the same period last year due to the increase in the energy price cap, while the cost of second-hand cars went up for the first time since May, ONS chief economist Grant Fitzner said.
Offsetting these increases, prices of furniture and household goods decreased by more than a year ago and food prices fell on the month for the first time in over two years, Fitzner added.
January's CPI inflation was below the consensus and the Bank of England's forecast, both at 4.1 percent, said Samuel Tombs, chief UK economist at Pantheon Macroeconomics consultancy.
Core CPI, excluding energy, food, alcohol and tobacco, rose by 5.1 percent in the 12 months to January, remaining unchanged from December 2023.
"It seems likely that headline inflation will fall significantly in the coming months. But conclusive evidence that the battle against inflation has been won remains elusive," Roger Barker, director of policy at the Institute of Directors, said.
The UK has been in the grip of high inflation for about two years, with the CPI rising as high as 11.1 percent in October 2022, hitting a 41-year high at that time. Households have felt the squeeze amid a cost-of-living crisis. Widespread strikes broke out during the summer of 2022, and pay disputes were ongoing.
