Inflation in the U.K. rose to a 10-month high in January, an increase that will likely diminish expectations of rapid interest rate reductions from the Bank of England.

Consumer prices were 3.0% higher in January than a year earlier, complicating the picture for the BOE after it said it would cut interest rates gradually.

UK inflation jumped to its highest level for 10 months in January, according to new official figures. Plane fares, rising food costs and a sharp jump in private school fees all helped push inflation higher.