UK inflation hits record 2½yr high

Midweek Sport - - NEWS -

INFLATION reached a two-and-a-half-year high in Jan­uary as food and fuel prices pushed up the cost of liv­ing.

The Of­fice for Na­tional Sta­tis­tics said the Con­sumer Price In­dex mea­sure of inflation hit 1.8% last month – up from 1.6% in De­cem­ber, and mark­ing its high­est level since June 2014.

But the move came in shy of the Bank of Eng­land’s 2% tar­get and econ­o­mists’ ex­pec­ta­tions of 1.9%.

Sep­a­rate fig­ures for the Pro­ducer Price In­dex showed that in­put prices – the amount paid for ma­te­ri­als and fuel by UK man­u­fac­tur­ers – saw its high­est rate of growth since Septem­ber 2008, ris­ing 20.5% in Jan­uary.

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