Inflation fell for a third straight month in January, easing pressure on the Bank of England to maintain the pace of its interest rate rises.

The consumer prices index stood at 10.1pc last month, down from a 41-year high of 11.1pc in October.

It comes as new data this week showed that in the final three months of 2022 wages grew at their fastest pace outside of the pandemic since records began in 2001, Office for National Statistics (ONS) data shows.

Regular pay which excludes bonuses rose by 6.7pc from October to December, which economists fear could potentially fuel inflation.

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