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Financial News: UK Inflation Rises Marginally In January

UK Inflation Rises Marginally In January

02/17/2021 - 02:17:00 (RTTNews)

(RTTNews) - UK consumer price inflation rose marginally in January, data from the Office for National Statistics showed on Wednesday.

Consumer price inflation rose slightly to 0.7 percent from 0.6 percent in December. The rate was forecast to remain stable at 0.6 percent.

Month-on-month, consumer prices dropped 0.2 percent after rising 0.3 percent a month ago. Prices were forecast to ease 0.4 percent.

Excluding energy, food, alcoholic beverages and tobacco, core inflation held steady at 1.4 percent in January, while it was forecast to slow to 1.3 percent.

Another report from the ONS showed that output prices fell 0.2 percent annually in January, but slower than the 0.5 percent decrease in December. Prices were forecast to fall 0.4 percent.

On month, output price inflation doubled to 0.4 percent from 0.2 percent in December. Input prices grew at a faster pace of 1.3 percent on year in January, following a 0.6 percent rise in December. Prices were expected to rise again by 0.6 percent.

On a monthly basis, the rate of input price growth slowed to 0.7 percent from 1.2 percent.

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