According to the Office of National Statistics (ONS) latest figures:
The Consumer Prices Index including owner occupier’s housing costs (CPIH) 12-month inflation rate rose in January 2021 to 0.9%, which is up from December 2020 figure of 0.8%.
January’s largest contributor was recreation and culture (0.35 percentage points).
The largest downward contributors were transport, household goods, restaurants, hotels and food.
The CPIH in January 2021 did fall by 0.1% following a rise in December 2020 of 0.2% on a monthly basis.
The number of CPIH in January 2021 due to increased restrictions caused by the coronavirus pandemic identified 69 items as unavailable, 8.3% of the basket by weight.
The number rose from 9 in December 2020 but still 72 items were unavailable during the November 2020 lockdown.
The price collection for January 2021 collected a weight total of 88.2% of comparable coverage collected before the first lockdown which excluded item that were unavailable.
In the 12 months to January 2021 The Consumer Prices Index (CPI) rose 0.7% which is up from December 2020 which was 0.6%.
A public statement on the coronavirus and the production of statistics; Measuring the data describes the situation in relation to consumer price statistics has been released by the ONS.
This is the start of things to come, inflation will steadily rise.