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Note: This report summary is one or two months behind the current month as standard reporting practice. The content is indicative only and incomplete with certain data undisclosed. Subscribe to access this data or take out a free 30 day subscription trial now.
The headline rate of inflation rose by 0.1 percentage points to 00% YoY (00% last month) – close to a 30-year high and edging further away from the Bank of England’s inflation target. This was above economists’ expectations of inflation remaining unchanged at 00%.
The rise was driven by further increases in clothing and footwear prices with annual inflation accelerating to a record high rate of 00% in January. Despite prices following the ‘typical’ trend of falling between December and January from increased promotional activity, this January, the MoM decline was the smallest experienced since 1990 as retailers costs continue to face considerable upward pressure. Fewer discounts were offered as a result.
Elsewhere, prices of Furniture and Household Goods also rose sharply with its annual inflation rate accelerating to a record high (+00%). Inflation within the Household Furniture component accelerated to 00% up from 12.5% in December, while Tools and Equipment for House & Garden rose by 00% (from 2.9% last month).
The slowdown in Motor Fuel prices partially offset January’s rise. The average price of petrol was 00 pence per litre in January, lower than November and December but still an eyewatering 00% bump on last January’s price. The downward pressure is likely to be short lived with the AA reporting petrol prices at the pump hit a record high earlier this week (00p per litre).
Worryingly, the latest producer price data confirms that there is further inflationary pressure is in the pipeline for businesses with input inflation remaining elevated at 00%. Factory gate inflation also edged higher to 00% (from 00% last month).
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Core inflation surges
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