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, up from 2.5% in December, complicating the picture for the BOE after it said it would cut interest rates gradually.

The central bank cut rates for the third time in about six months as it said economic growth had been weaker than expected.

The Bank of England cut interest rates by a quarter-point and some policymakers wanted a bigger move to offset a slowdown, but the BoE said it would be careful about further moves in the face of an expected inflation spike and global economic uncertainty.

UK headline inflation is back at 3%, up from 2.5%, after briefly dipping below the Bank of England’s 2% target last Autumn. That’s a tad higher than expected, though almost entirely because of a near-1% month-on-month increase in food prices,

Bank of England Governor Andrew Bailey said in an interview published on Monday that inflation was slowing and an expected pick-up in price growth later this year was unlikely to embed longer-term inflation pressures in the economy.