ONS

The UK inflation rate surged to its highest level in 10 months, driven by rising food and airfare prices, as well as the introduction of value-added tax (VAT) on private school fees. According to the Office for National Statistics (ONS), the Consumer Prices Index (CPI) rose by 3.0% YoY in January, exceeding the 2.5% increase recorded in December. This outpaced economists' and the Bank of England's (BoE) expectations of a 2.8% rise, potentially reinforcing the central bank's cautious stance on interest rate cuts aimed at stimulating economic growth.

The latest data released by the Office for National Statistics (ONS) shows that the UK's ILO unemployment rate has dropped to 4% in June to August, reaching its lowest level since January 2024. Meanwhile, during the three months ending in August, UK wage growth slowed to its lowest level in over two years, and job vacancies fell again.

Data from the UK's Office for National Statistics (ONS) showed that the UK's Consumer Price Index (CPI) grew 2.2% year-on-year in August, in line with expectations, and rose 0.3% month-on-month, also matching the forecast. The services inflation rate rebounded to 5.6% in August from 5.2% in July.

First quarterly estimate of gross domestic product (GDP). Contains current and constant price data on the value of goods and services to indicate the economic performance of the UK.