Displaying items by tag: fuelprices

Wednesday, 19 February 2020 15:41

Fuel prices push UK inflation to six-month high

UK inflation in January rose to a six-month high as petrol and house prices rose, official figures show.

The Consumer Prices Index (CPI) stood at 1.8% last month, up from 1.3% in December, the Office for National Statistics said.

"The rise in inflation is largely the result of higher prices at the pump and airfares falling by less than a year ago," the ONS said.

The rise is ahead of economists' CPI forecast of 1.6% in January.

CPI remains below the Bank of England's 2% target for inflation. Wednesday's inflation data pushed the value of the pound above $1.30. Versus the euro, the pound had started the day down 0.25% but rose back to trade flat against the single currency.

However, some analysts said that the new figures were unlikely to "move the dial" on the central bank's next decision on interest rates in March.

 

Source: https://www.bbc.co.uk/news/business-51557550

Published in Accounting