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United Kingdom Inflation January 2023

United Kingdom: Inflation drops to lowest level since August 2022 in January

Inflation eased to 10.1% in January from December’s 10.5%. January’s result represented the lowest inflation rate since August 2022, and was below market expectations. Looking at the details of the release, the change in prices for recreation and culture was largely steady in January. In contrast, prices for transportation grew at a slower rate. Meanwhile, housing and utilities prices accelerated.

The trend pointed up, with annual average inflation coming in at 9.4% in January (December: 9.1%). Meanwhile, core inflation fell to 5.8% in January, from December’s 6.4%.

Lastly, consumer prices dropped 0.56% over the previous month in January, swinging from the 0.37% increase logged in December. January’s result marked the weakest reading since January 2019.

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