Inflation is the term used to describe the rising price of goods and services. The inflation rate refers to how quickly prices are going up. January’s inflation rate of 3% means if an item cost £100 a year ago, it would now cost £103. Prices for airfares plunged by 26.5% in January compared with the previous month (Gareth Fuller/PA)– Is inflation rising in any areas? The decrease in broad inflation in January does not mean that price rises are slowing for all goods and services.

Source: The Herald February 18, 2026 14:03 UTC