from BBC
Prices in the UK rose by 3% in the 12 months to January, well above the Bank of England’s target.
The Bank moves interest rates up and down to try to keep inflation at 2%, and has cut three times since August 2024.
When it announced the last cut in February, the Bank warned that it expected inflation to rise again in 2025.
What is inflation?
Inflation is the increase in the price of something over time.
For example, if a bottle of milk costs £1 but is £1.05 a year later, then annual milk inflation is 5%.
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