Inflation for January was 4% - the same as it was for December - according to the Office for National Statistics (ONS).

But it is still double the Bank of England's target of 2%, as reported by the BBC.

Core inflation (which excludes the price of energy, food, alcohol and tobacco) remained at 5.1% in January, according to the ONS.

Forecasters had expected inflation to rise slightly, but the decreasing cost of things like furniture and non-alcoholic drink helped to go some way to offsetting rising housing costs.

Petrol and diesel prices are down almost 10p a litre compared to a year ago, while food prices fell for the first time since September 2021. According to the ONS, this was influenced by the cost of products like bread, cereals and chocolate biscuits falling.

The price of food and non-alcoholic beverages is still 7% higher than a year ago, but January 2024 saw the slowest rate of increase since April 2022.

Punchline-Gloucester.com said: "While this might seem like good news, prices aren't falling, they're just rising less quickly. And the pressures on businesses remain, due to the rise in minimum wage, as well as increased energy costs and costs of raw materials.

"The rise in minimum wage is great for employees, but it's tough for the business owner at the sharp end of his company trying to balance the books. He must put his prices up to cover his wage bill, which continues to drive inflation."