"The Bank of England and other forecasters expect inflation to keep falling through this year, providing additional relief"
- U.K. Treasury
Inflation in the U.K. declined sharply in January. The consumer price index fell to 3.6 percent in January from 4.2 percent in December, said the Office for National Statistics.
"Inflation fell significantly in January for the second month in a row, which is good news for family budgets. The Bank of England and other forecasters expect inflation to keep falling through this year, providing additional relief," said a statement from the UK Treasury.
However, prices remained high argued treasury minister Owen Smith.
"For ordinary families right up and down throughout the country, the fact is prices went up last year, they've stayed up... and incomes of course haven't risen at all," he said.
© Dukascopy Bank