UK inflation dips but chancellor warns 'fight is far from over'

Although this is the third consecutive month of declines, it is below economists' expectations, which had forecast inflation to hit 10.3% at the start of the year. However, this is still brushing against the 40-year high rate. The figures today (15 February) come five days after the ONS revealed the UK narrowly avoided a recession in Q4 2022 and debate about whether this will be changed when figures are revised. In its report, the ONS said the biggest contributions to inflation remaining high came from housing and household services (mainly from electricity, gas, and other fuels), ...