Prices rises slow but UK inflation remains close to 40-year high
Price rises in the UK slowed for a third month in a row but inflation remains near a 40-year high, official figures show.
However at 10.1%, the rate of price rises is still way above the 2% target the Bank of England is charged with meeting. He said air and coach travel prices had dropped back after December's "steep rise". "Petrol prices continue to fall and there was a dip in restaurant, cafe and takeaway prices," he added.
But shadow chancellor Rachel Reeves said families would feel no better off following 13 years of Conservative government and repeated Labour's call for a windfall tax on oil and gas companies to ease bills when energy prices go up in April.Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said this gave the Bank of England "the flexibility" to keep its benchmark rate at 4%, rather than increase rates again.
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