Surprise jump in inflation: How to navigate your business
Inflation figures for January 2025 were released last week, showing a surprising increase to 3.0%, up from 2.5% in December. The Office for National Statistics (ONS) reported that the largest upward contribution to this change came from transport, as well as food and non-alcoholic beverages. The rise in transport costs was driven by air fares and motor fuels. Traditionally, air fares increase in December before falling in January; however, January 2025 saw the smallest January decline since January 2020. Many businesses are already feeling the strain of increasing costs, and news of rising inflation may not be welcome. Some economists [...]