The U.K. inflation rate fell for the third month in a row in January to hit 10.1%, below economists’ expectations

Inflation in the UK slowed down more than expected in January due to the fall in fuel prices.

Inflation in the UK slowed down more than expected

Consumer prices rose 10.1 percent year-on-year in January, according to data from the UK’s Office for National Statistics. This was the lowest increase since September. Inflation was 10.5 percent in December.

In the survey conducted by economists, the expectation was 10.3 percent.

Inflation in the country reached 11.1 percent in October, the highest in 41 years.

Core inflation fell from 5.8 percent to 5.3 percent in January, while inflation in the services sector decreased from 6.8 percent to 6 percent.

It was stated that the biggest contribution to the increase in inflation came from housing, gasoline and electricity and non-alcoholic beverages, while the biggest decrease was in transportation, restaurants and hotels.

Inflation in the UK remains above that of many other European countries. Inflation was 9.2 percent in Germany, 7 percent in France and 6.4 percent in the USA.

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