Good morning.
The cost-of-living crisis just keeps intensifying, with UK inflation rising again in January to a fresh 30-year high.
The consumer price index rose to 5.5pc last month. Both economists and the Bank of England had expected it to remain unchanged at 5.4pc.
It’s likely to strengthen the case for aggressive raising of interest rates by the Bank, with markets pricing in a half-point increase at one of the next two meetings of the MPC.
5 things to start your day
1) Shrinking wages reignite calls to halt national insurance raid: The tightest squeeze on real wages in eight years has renewed demands from business leaders for ministers to reconsider the National Insurance raid planned for April.
2) Average used car prices break £20,000 barrier: The average asking price for a used car has broken through £20,000 for the first time, as the microchip shortage squeezes supplies of new vehicles.
3) Eurozone trade deficit hits 13-year high as energy crisis rages: Surging energy prices have pushed the eurozone’s trade deficit to a 13-year high as a heavy reliance on gas…
