WPI inflation up 5.25 pc in January

WPI inflation up 5.25 pc in January

The NBS said consumer price inflation rose by 2.5% from a year earlier, a figure that was higher than the 2.1% increase of December and market expectations for an acceleration to 2.4%.

PwC senior economic adviser, Andrew Sentance, said: "UK inflation has picked up again this month to its highest level since 2014, but the increase was less than many were expecting".

The Consumer Prices Index - the Bank of England's official inflation benchmark - rose from 1.6% to 1.8% in January, pushing closer to the Bank's 2% inflation target.

Higher oil prices across the globe led the rise, causing the price of fuel to increase.

Prices paid by US businesses for goods and services posted their largest gain in more than four years last month but the strength of the dollar may limit any spillover to consumer inflation. Higher crude oil prices will continue to be instrumental in these developments. The WPI for January'17 is significantly higher than the WPI of (-) 1.07% for the corresponding month a year ago.

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Wholesale inflation grew 5.25 per cent in January - a 30-month high - despite a fall in food and vegetable prices.

Chris G. Christopher Jr., an economist with the forecasting firm IHS Global Insight, said poor consumers, in particular, will be hit hard by rising prices.

The so-called core CPI, which strips out food and energy costs, rose 0.3 percent last month after increasing 0.2 percent in December. According to a Reuters poll the consensus view in the survey of 45 economists pointed to the policy repo rate staying unchanged at 6.25 percent until July-September quarter 2018. Over the past 12 months wholesale costs have risen 1.6%, but as recently as one year ago they were basically negative.

"Indeed, price rises are expected to reach 2.8% by the end of the year. Meanwhile, some members of the Monetary Policy Committee are clearly becoming twitchy at the pace at which inflation is now rising and the potential overshoot of the 2.0% target rate".

The DIPP also revised upward inflation estimate for November to 3.38% from the earlier provisional estimate of 3.15%.