Commenting on the inflation figures out today, John Hawksworth, chief economist at PwC, said:
"Inflation remained stuck at 3% in January, still well above earnings growth.
"We do expect inflation to fall back gradually over the course of the year, but this will be a slow process given that global commodity prices have generally been on an upward trend in recent months. The squeeze on real earnings may therefore persist until late in 2018, which will continue to dampen consumer spending growth this year."
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