Politics

UK inflation remains at 3% as living standards squeeze continues

Expectations dashed that rate would fall as effects of Brexit vote on pound fade

UK inflation stuck at its highest level for almost six years last month, continuing the squeeze on household budgets.

The consumer prices index (CPI) held steady at 3% in January for the second month running, according to the Office for National Statistics, confounding economists’ expectations that the rate would fall to 2.9% as the effects of the post-EU referendum drop in the pound begin to fade.

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