Inflation rises in January

Office for National Statistics data reveals that inflation rose in January, with the consumer prices index rising to 0.7%, up from 0.6% in December. The increase followed rising food prices, and the absence of traditional seasonal discounting at furniture retailers and household goods stores. Andy King, the ONS’s head of consumer price inflation, said the end of the Brexit transition had not yet had a visible impact on prices, despite issues around disruption at the border. Some economists have predicted that inflation could exceed the Bank of England’s 2% target by the end of 2021. PwC’s Hannah Audino says renewed demand in service sectors hit by restrictions and the end of VAT cuts could see an increase in prices, while an expected increase in unemployment as the furlough scheme ends “will increase spare capacity in the labour market and subdue wage growth, putting downward pressure on prices.

Read more: Daily Mail

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