Inflation rises to 3.5%
Inflation in the UK climbed to 3.5 per cent in the year to January 2010, new official figures have revealed.
The figure was up from 2.9 per cent in December, with the rise in the Consumer Prices Index being attributed to the increase in VAT - which reverted back to 17.5 per cent on January - and a climb in petrol prices.
It is the second largest ever annual increase in the annual rate between two months, behind the one per cent jump in the rate that was seen between November and December last year.
In addition, the Retail Prices Index - which includes housing costs but excludes mortgage interest payments - was up 4.6 per cent in January from 3.8 per cent in December.
Commenting on the change, senior analyst for Caxton FX Duncan Higgins noted that reaction to the figures has been ’relatively muted’ when compared to last month.
’Although inflation has reached a 14-month high, the Bank of England has repeatedly said that this is only a short-term blip,’ he remarked.
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