UK inflation holds steady at 4% in January as lower food prices help offset higher energy costs
Inflation in the U.K. held steady at 4% in January as lower food prices helped offset an increase in energy costs
By AP News
Published - Feb 14, 2024, 03:33 AM ET
Last Updated - Feb 14, 2024, 04:30 AM EST
LONDON (AP) — Inflation in the U.K. held steady at 4% in January as lower food prices helped offset an increase in energy costs, official figures showed Wednesday.
The reading was better than expected as most economists expected inflation to rise modestly to around 4.2%.
The Office for National Statistics said the monthly drop in food prices of 0.4% was the first since September 2021.
Still, inflation remains double the Bank of England's target rate of 2%.
