Investing.com - Consumer price inflation in the U.K. held steady for the fourth consecutive month in January, official data showed on Tuesday.
In a report, the U.K. Office for National Statistics said the rate of consumer price accelerated at a seasonally adjusted 2.7% in January, unchanged from December.
Analysts had expected consumer prices to rise 2.8% in January.
Month-over-month, consumer price inflation fell 0.5% last month, compared to expectations for a 0.4% decline, after rising 0.5% in December.
The rate of inflation remains above the Bank of England’s 2.0% target, but the Bank of England will not be obliged to write to the Chancellor of the Exchequer, as the inflation rate is less than a percentage point above or below its target.
Core CPI, which excludes food, energy, alcohol, and tobacco costs eased to a seasonally adjusted 2.3% in January from 2.4% in December. Analysts’ had expected core prices to hold steady at 2.4%.
The retail price index rose 3.3% last month, compared to expectations for a 3.2% increase, after rising 3.1% December.
Following the release of that data, the pound remained lower against the U.S. dollar, with GBP/USD shedding 0.37% to trade at 1.5600.
Meanwhile, European stock markets were mixed. London’s FTSE 100 rose 0.3%, the EURO STOXX 50 added 0.1%, France’s CAC 40 eased up 0.1%, while Germany's DAX dipped 0.1%.
In a report, the U.K. Office for National Statistics said the rate of consumer price accelerated at a seasonally adjusted 2.7% in January, unchanged from December.
Analysts had expected consumer prices to rise 2.8% in January.
Month-over-month, consumer price inflation fell 0.5% last month, compared to expectations for a 0.4% decline, after rising 0.5% in December.
The rate of inflation remains above the Bank of England’s 2.0% target, but the Bank of England will not be obliged to write to the Chancellor of the Exchequer, as the inflation rate is less than a percentage point above or below its target.
Core CPI, which excludes food, energy, alcohol, and tobacco costs eased to a seasonally adjusted 2.3% in January from 2.4% in December. Analysts’ had expected core prices to hold steady at 2.4%.
The retail price index rose 3.3% last month, compared to expectations for a 3.2% increase, after rising 3.1% December.
Following the release of that data, the pound remained lower against the U.S. dollar, with GBP/USD shedding 0.37% to trade at 1.5600.
Meanwhile, European stock markets were mixed. London’s FTSE 100 rose 0.3%, the EURO STOXX 50 added 0.1%, France’s CAC 40 eased up 0.1%, while Germany's DAX dipped 0.1%.