Rachelle Abbott joins The London Standard’s business editor Jonathan Prynn as the rate of UK inflation jumped to 3% in January, in a blow to hopes of early further interest rate cuts. The rise on Wednesday exceeded expectations, with City forecasters predicting inflation to be 2.8%.

The Conservatives have accused Chancellor Rachel Reeves of being 'out of her depth'.

So why have we seen such a rise? Who will feel the hit most, what does this mean for interest rates, and when do we expect inflation to fall?

For all the latest news head to standard.co.uk

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