Prices rises slow but UK inflation remains close to 40-year high

Price rises in the UK slowed for a third month in a row but inflation remains near a 40-year high, official figures show.

Inflation, which measures the increase in the price of something over time, fell to 10.1% in the year to January from 10.5% in December.

The drop was largely due to the price of fuel and cost of restaurants and hotels slowing.

But this was offset by rising prices of alcohol and tobacco.

The Office for National Statistics (ONS), which published the data, said food inflation also remained high in January at 16.7%.

To calculate inflation, the ONS keeps track of the prices of hundreds of everyday items.

If it falls, it does not mean the prices of goods are going down, it just means prices are rising more slowly.