Inflation in the U.K. rose to a 10-month high in January, official figures showed Wednesday, an increase that will likely diminish expectations of rapid interest rate reductions from the Bank of England. The Office for National Statistics said inflation, as measured by the consumer prices index, rose to 3% in the year to January, up from the equivalent 2.5% rate the month before. Economists had anticipated an increase to 2.8% but the scale of the spike has come as a big surprise and will likely cause concern among rate-setters at the central bank at a time when they are voicing worries about about the U.K.’s tepid economic growth.Read More
