Rising food and petrol prices pushed up UK inflation in January, figures show. Last month's Consumer Prices Index (CPI) inflation figure rose to 2.2%, up from 2.1% in December. The rate is the highest since June 2007.
The Retail Price Index (RPI), which includes mortgage interest payments, rose to 4.1% from 4% in December. However, while price growth was strong, it was not as quick as many analysts had feared, boosting hopes of further interest rate cuts in the UK this year.
The Office for National Statistics (ONS) said that the largest upward pressure came from the price of fuel. Average petrol prices rose by 1.3p in January to stand at 103.9p per litre. Food prices also contributed to the rise in inflation, particularly fruit such as grapes and grapefruit, the ONS said.
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Posted on 14th February 2008
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