"The fall in the value of the Pound since the Brexit vote has fuelled speculation among both business leaders and consumers alike that we will see accelerated price inflation filter through to the High Street this year", GfK head of market dynamics Joe Staton said. "Meanwhile, tighter monetary policy, slowing income growth and cooling property prices should keep broader price pressure contained over the medium-term".
It is the fourth consecutive month that the rate has risen and takes inflation to its highest since June 2014.
A "double whammy" of oil prices and sterling weakness has seen consumer inflation rise to 1.8 per cent in January. Prices in the hotels and restaurants sector also increased on the month. The pound's sharp fall since the Brexit vote has made imports to the United Kingdom more expensive and oil prices have been rising on the back of lower production.
Annual rate of inflation was 3.39 per cent for December 2016 and minus 1.07 per cent in January 2016.
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He later revealed he took a pay cut to leave, and was paid an estimated $4 million a year by NBC. The source adds that Laurie Orlando is being blamed for the debacle, but no one has seen her.
That however would be to discount the fact that inflation is often a lagging indicator, and that being so close to the target with rates so low and a relatively weak pound is actually pretty precarious.
This sharp rise was driven by the coal and mineral oils segments, which saw inflation accelerating to 14.4% and 26.2%, respectively.
"The committee made a decision to change the stance from accommodative to neutral while keeping the policy rate on hold to assess how the transitory effects of demonetisation on inflation and the output gap play out", the resolution of the Monetary Policy Committee said.
The key question for investors is whether the fact that prices are rising faster than wages eventually leads to a fall in consumer spending.
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Once Obama issued these harsher sanctions on Russia, Putin had even more incentive to ensure that Trump won the election. The controversy drew in Vice President Mike Pence after he publicly denied sanctions had been discussed .
Last week BoE rate-setter Kristin Forbes said she was beginning to become uncomfortable with the central bank's commitment to a neutral policy stance, arguing instead that interest rates could need to rise soon if price pressures continue to build.
Strong consumer spending helped power growth in the final months of a year ago, with GDP expanding by 0.6% in the fourth quarter, in line with the second and third quarters.
According to Ecowrap, SBI's ERD expect CPI and core CPI to inch up in the subsequent months as components like education will start to increase because of seasonality.
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However, following Lopez's two penalties, a converted try in the last four minutes proved too much of a task for Scotland . "We chucked it away". "It's an ankle injury, we'll see tomorrow how bad it is", said the New Zealander.