Inflation was 10.1% in January, down from 10.5% in December and 10.7% in November 2022, according to the Office for National Statistics (ONS).

Food inflation remained high at 16.7% in the year to January and is one of the main drivers fuelling overall inflation, along with energy bills.

The drop in the annual inflation rate reflected the price of fuel and the cost of eating out at restaurants slowing. But this was offset by rising prices of alcohol and tobacco, which made the largest upward contribution to the change.