UK records CPI fall

This is also a fall from the 11.1% recorded last October. According to analysts from the Office of National Statistics (ONS) – which compiles the CPI figures – this October is the peak figure inflation hit, with this being the highest rate since 1981.  

Consumer prices index including owner occupiers’ housing costs (CPIH) also dropped in the 12 months to January 2023 – going from 9.2% to 8.8%. This is also down from its peak of 9.6% seen last October – the highest annual rate seen in more than 40 years.  

Commenting on today’s (15 February) figures, the Money Advice Trust’s director of external affairs and partnerships Jane Tully said: “Today’s inflation figures show the cost-of-living crisis is far from over as prices continue to remain high.   

“With council tax and energy bill increases just around the corner, the situation is only going to get more difficult for many more people whose budgets simply won’t stretch any further. The government needs to reconsider the planned energy bill rise in April, or more people will be at risk of falling into fuel poverty.”