UK Inflation Hits 3% as Food Prices Soar
UK inflation jumped sharply to 3% in January, driven by rising food prices, air fares, and private school fees, marking the fastest pace of price increases for 10 months. The higher-than-expected jump from 2.5% in December has sparked concerns about the impact on households already facing increased energy and water bills later this year. Food staples such as meat, eggs, butter, and cereals were all more expensive than a year ago.
- The surge in food prices highlights the vulnerability of low-income households to price increases, particularly when combined with expected rises in energy and water bills, underscoring the need for targeted support.
- How will the government's plans to increase the minimum wage and benefits mitigate the impact of rising living costs on vulnerable populations?