British inflation hits two-and-half-year high
[LONDON] British annual inflation picked up to its highest level in two and a half years in January, driven by rising fuel and food prices, official data showed Tuesday.
The 12-month inflation rate hit 1.8 per cent last month compared with 1.6 per cent in December, the Office for National Statistics (ONS) said in a statement.
Analysts' consensus forecast had been for a jump to 1.9 per cent, according to a Bloomberg survey.
Nevertheless, the January reading was the highest level since June 2014.
"The main contributors to the increase in the rate were rising prices for motor fuels and to a lesser extent food prices," the ONS said.
"These upward pressures were partially offset by prices for clothing and footwear, which fell by more than they did a year ago," it added.
AFP
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
UK wage growth and services inflation too high for rate cut, BOE’s Greene says
US to reduce licensing by 80% for UK, Australia to boost Aukus
IMF tells Asian central banks not to follow Fed too closely
UN chief warns Mideast on brink of 'full-scale regional conflict'
IMF boss says ‘all eyes’ on US amid risks to global economy
UK financial sector seeks stronger accountability of regulators