Inflationary pressures 'far from tamed' as CPI comes in higher than expected at 3%

According to data from the Office for National Statistics (ONS), the UK Consumer Prices Index (CPI) came in 0.2 percentage points above the 2.8% figure forecast by economists polled by Reuters. ONS chief economist Grant Fitzner said "the rise was driven by air fares not falling as much as we usually see at this time of year, partly impacted by the timing of flights over Christmas and New Year", making last month the weakest January dip since 2020.  Also driving this spike was an increase in the cost of food and non-alcoholic beverages, which shot up 0.9% in January, having fallen 0.4%...