UK Inflation Jumps to a Surprising 3% in January

In January, inflation in the UK surged to 3 percent, marking the highest level since March 2024, as reported by the Office for National Statistics. This rise in inflation has sparked worries about the Bank of England's capacity to reduce interest rates in the current year, as noted by the ONS. The escalation in inflation, surpassing the Bank of England's 2 percent target, has affected Rachel Reeves, according to official data. Economists point to elevated private school fees and rising airfares as the primary factors behind the increase in inflation.