UK headline consumer price inflation quickened to 1.8% in the year to January from 1.6% in the previous month. While lower than the expected 1.9% increase, this is the fastest gain in consumer prices since June 2014.
According to the Office for National Statistics (ONS), "The latest rise in CPI was mainly due to rising petrol and diesel prices, along with a significant slowdown in the fall in food prices" and of course, the weak British pound.
Core inflation - which excludes volatile items such as fuel and food items - was unchanged at 1.6% in January from December but below market expectations for a 1.8% gain.
The latest inflation data remains below the Bank of England's (BOE) 2.0% target and should not put immediate pressure on the British central bank to lift interest rates.