The annual rate of inflation excluding mortgage repayments jumped to 2.6% in January, up sharply from 1.9% in December, the Office for National Statistics said.
The latest figure means that UK inflation has edged into the upper end of the government's annual target rate of 1.5-3.5% for only the second time since April 1999.
Most analysts had predicted a January inflation rate of just 2.2%.
- Making the rules and breaking the mould (Allan Meltzer: 1928–2017)
- BoE economists criticise DSGE inflation modelling
- Indonesian deputy Perry on revolutionising monetary and financial policy
- Commission should have power to order CCPs to relocate to EU – Cœuré
- South African governor rejects calls to change mandate