Watch Live: Bank of England governor Andrew Bailey faces House of Lords committee as inflation stays at 4%

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Watch stay as Bank of England governor Andrew Bailey seems earlier than the House of Lords financial affairs committee on Wednesday 14 February.

Inflation unexpectedly held regular final month as meals costs fell for the primary time in virtually two-and-a-half years, official figures present.

Consumer Prices Index (CPI) inflation remained unchanged at 4 per cent in January, decrease than the 4.2 per cent that economists had forecast though nonetheless double the Bank of England’s 2 per cent goal, the Office for National Statistics (ONS) stated.

The month-to-month drop in meals costs, of 0.4 per cent, was the primary since September 2021, with the associated fee of bread and cereals, cream crackers and chocolate biscuits falling, the ONS stated.

While meals and non-alcoholic beverage costs are nonetheless 7 per cent greater than a yr in the past, the class noticed the slowest charge of enhance since April 2022.

On a month-to-month foundation, meals and non-alcoholic beverage costs fell by 0.4 per cent between December and January.