Britain’s annual inflation rate remained unchanged at 4% in January despite an increase in energy bills as the cost of living crisis persisted.
Against a backdrop of a tough Christmas for UK retailers because of weak consumer spending, furniture prices also fell at the fastest monthly rate in four years amid steep reductions for kitchens, leather settees, dining tables and chairs.
Between December 2021 and August 2023, Threadneedle Street’s monetary policy committee raised interest rates 14 times in an attempt to ease prices pressures.
However, the Bank has said it needs to be sure inflation is on track to remain sustainably at its 2% target, warning that wage growth and prices in the services sector of the economy could lead to inflationary pressures becoming entrenched.
According to the latest figures from the ONS, core inflation – which excludes energy, food, alcohol and tobacco, and is closely watched by the Bank – remained unchanged at 5.1%.
Although inflation has fallen back from the levels seen a year ago, prices for essential goods and services still remain high, adding to pressure on households amid the cost of living crisis.
The original article contains 529 words, the summary contains 187 words. Saved 65%. I’m a bot and I’m open source!
This is the best summary I could come up with:
Britain’s annual inflation rate remained unchanged at 4% in January despite an increase in energy bills as the cost of living crisis persisted.
Against a backdrop of a tough Christmas for UK retailers because of weak consumer spending, furniture prices also fell at the fastest monthly rate in four years amid steep reductions for kitchens, leather settees, dining tables and chairs.
Between December 2021 and August 2023, Threadneedle Street’s monetary policy committee raised interest rates 14 times in an attempt to ease prices pressures.
However, the Bank has said it needs to be sure inflation is on track to remain sustainably at its 2% target, warning that wage growth and prices in the services sector of the economy could lead to inflationary pressures becoming entrenched.
According to the latest figures from the ONS, core inflation – which excludes energy, food, alcohol and tobacco, and is closely watched by the Bank – remained unchanged at 5.1%.
Although inflation has fallen back from the levels seen a year ago, prices for essential goods and services still remain high, adding to pressure on households amid the cost of living crisis.
The original article contains 529 words, the summary contains 187 words. Saved 65%. I’m a bot and I’m open source!