UK Inflation Rises to 1.8%February 23, 2017 11:01 am
Annual inflation reached 1.8% during January – an increase from 1.6% in December.
It is the fourth month in a row that an increase has occurred and inflation is now at its highest since June 2014! Despite the increase, this was less than the expected 1.9% meaning GBP fell against major currencies.
Fuel prices hit a two year high earlier this month which is one of the main reasons for the inflation increase. As food prices have not changed between December and January this is thought to have also contributed to the inflation hike.
We know that the bank of England’s set target inflation rate is 2% – last seen at the end of 2013. Inflation is expected to reach 2.7% next year.Tags: Consumer Price Index
Categorised in: News
This post was written by Kayleigh Driscoll