January Inflation Rate Above Government Target

The annual rate of inflation has seen a sharp rise compared to December, according to the latest figures released by the Office of National Statistics. Inflation was well below the Government target of 2.5% in December, but jumped to 2.6% in January, ahead of forecasts and above the target level for only the second time since April 1999. The underlying rate of inflation was 1.3%.

The Retail Prices Index for January was 173.3.

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