Petrol prices help inflation rise to 2.2 per cent
Figures from the Office for National Statistics today show that consumer prices index (CPI) annual inflation was 2.2 per cent in January, up from 2.1 per cent in December.
The largest upward pressure came from an increase in the price of road fuels. Average petrol prices rose by 1.3p in January to stand at 103.9p per litre, compared with a fall of 0.8p a year ago. There was also a large upward effect from food, particularly fruit, such as grapes and grapefruit, where prices fell by less than last year.
There was a further large upward contribution from furniture where, overall, price reductions in the January sales were less than in the previous year. There was a large downward effect from clothing and footwear. Overall the prices of garments fell by more than last year. Retail prices index (RPI) inflation rose to 4.1 per cent in January, up from 4.0 per cent in December. The main factors affecting the CPI also affected the RPI. Additionally, mortgage interest payments had a downward effect on RPI this month.
