UK inflation hits record 2½yr high
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.