The U.K.’s economy unexpectedly shrank by 0.1% month-on-month in January, official figures showed on Friday.

Britain’s Office for National Statistics said the fall was mainly due to a contraction in the production sector.

Economists polled by Reuters had expected the country’s GDP to grow by 0.1%.

The U.K. economy grew by 0.1% in the fourth quarter, beating expectations, ONS data showed last month. It flatlined in the third quarter.

The monthly GDP data has been checkered since then, with a 0.1% contraction in October, a 0.1% expansion in November and a 0.4% month-on-month expansion in December thanks, to growth in services and production.

Friday’s GDP release will be the last data print before the U.K. Treasury’s “Spring Statement” on March 26, when Chancellor Rachel Reeves presents an update on her plans for the British economy.

The statement is released alongside economic forecasts from the Office for Budget Responsibility, the U.K.’s independent economic and fiscal forecaster, which gives its assessment on the likely impact of the government’s tax and spending plans.

There have been concerns that the Treasury’s fiscal plans, which were laid out last fall and which will increase the tax burden on British businesses, could weigh on investment, jobs and growth. Reeves has defended the tax rises, saying they’re a one-off measure and necessary to boost investment in public services.

The Bank of England made its first interest rate cut of the year in February, signaling further cuts were to come as it halved the U.K.’s growth forecast for 2025 from 1.5% to 0.75%.

The central bank said it would judge how to balance the need to boost growth with the inflationary risk posed by U.S. President Donald Trump’s trade tariffs. The U.K. has not been targeted so far.

This breaking news is being updated.

Americans use a lot of aluminum.

The metal is both lightweight and an effective conductor of electricity, giving it countless applications in transportation and energy systems alongside culinary work and more.

“It really is the magic metal,” said Charles Johnson, president and CEO of the Aluminum Association.

Aluminum is one of 50 “critical minerals” identified by the U.S. Geological Survey. But most production of aluminum occurs in other countries.

The Trump administration would like to bring some of that production into the U.S. Its main policy tool here will be tariffs, which are taxes on imported goods.

Since 2018, the U.S. has levied a 10% tariff on aluminum imports. During the Biden years, various trading partners were exempted from those fees. As a result, the effective rate for aluminum entering the U.S. was just 3.91% in February 2025, according to S&P Global. In March 2025, President Donald Trump raised existing tariffs on steel and aluminum to 25%.

Canada is by far the largest source of U.S. imports of aluminum.

The full price-level effects of these tariffs are unknown and any analysis is subject to revision as trade negotiations unfold. Still, some experts believe that price increases for consumers potentially could be small.

“When you consider a $40,000 car or something like that, it might increase the price by about $75,” said Scott Paul, president at the Alliance for American Manufacturing, an advocacy and lobbying group.

The administration says that these tariffs are necessary to fight trends in the global economy that disadvantage the U.S, primarily the rising importance of China.

“The subsidies allowed China to come in at an artificially low price. And that has roiled the aluminum industry globally and in particular in the United States,” said Paul.

The Aluminum Association, a U.S. organization comprised of industry decision makers, believes that rebuilding domestic smelting capacity could take large provisions of electricity and potentially have a net negative effect on the domestic labor force. In an interview with CNBC, the group also noted that it could take around eight to 10 years to build new industrial facilities like “smelters” which convert alumina into its final, consumer-friendly form.

“In the meantime we will import,” Johnson said.

Watch the video above to see why President Trump is taxing imports of aluminum.

Egg prices have fallen sharply so far in March on some progress in ending a shortage, giving consumers some much-needed relief with the supermarket staple.

The cost of white large shell eggs declined to $6.85 per dozen, on average, last week, according to data from the U.S. Department of Agriculture. That represents a decline of $1.20 per dozen, and a 15% pull back the USDA’s prior update on Feb. 28.

“Demand for shell eggs continues to fade into the new month as no significant outbreaks of HPAI [highly pathogenic avian influenza] have been detected in nearly two weeks,” the USDA wrote in its March 7 weekly update. “This respite has provided an opportunity for production to make progress in reducing recent shell egg shortages.”

Egg prices have become a key pressure point for consumers that are tired of sticky inflation and worried about more potential price increases due to President Donald Trump’s tariffs on a wide array of imports. While it is still unknown the full ramifications of the duties on Canada, China and Mexico, stocks have so far pulled back in 2025 on concern the moves could further raise prices of goods and tip a sagging economy into a recession.

To be sure, the price of eggs have still skyrocketed more than 170% from a year ago, USDA data shows. The rise has spurred an investigation by the U.S. Department of Justice into allegations of anticompetitive practices from some of the largest egg producers in the country. Firms including Cal-Maine Foods have touted a crushing avian flu outbreak, which has forced the culling of millions of egg-laying hens, as the major catalyst for the rise in egg prices.

“The primary reason for the drop is actions taken by the administration’s Department of Justice to investigate the companies for possible antitrust violations,” said Joe Maxwell, president of Farm Action Fund, told CNBC. “The dominant firms have so much control over the market that they can increase prices and lower prices almost at will.”

“There has been a softening of demand for eggs by consumers, but we do not see this as a significant factor, considering this has been an ongoing trend,” Maxwell added.

Egg prices were a key factor in the February consumer price index report, with the Bureau of Labor Statistics noting prices advanced 10.4% last month and 58.8% year-over-year. The marked-up price tag for eggs has even pushed consumers to begin shifting their breakfast habits.