The Office for National Statistics (ONS) has released inflation figures for January 2020 with inflation striking upwards on the back of increase costs for housing, water, electricity, gas and other fuels being the main contributors.
The Consumer Prices Index including owner occupiers housing costs (CPIH) was up in January 2020 to 1.8% from 1.4% in December 2019.
The Consumer Prices Index was up 1.8% in January 2020 from 1.3% in December 2019.
Meanwhile, the old measure of inflation, Retail Prices Index (RPI) was up to 2.7% in January from 2.2%.
The above significant increases, whilst high, were not unexpected and perhaps an endorsement for the Bank of England choosing not to cut interest rates. Keeping interest rates at 0.75% pa is an indication that the Bank is trying to still curb inflation.