United Kingdom Inflation January 2017

United Kingdom

United Kingdom: Inflation continues its ascent in January

February 14, 2017

Consumer prices dipped 0.5% in January compared to the previous month, contrasting December’s 0.5% rise. January’s drop reflected a fall in prices for transport and clothing and footwear, while food prices remained unchanged.

Inflation ticked up to 1.8% in January from 1.6% in December, marking the highest figure since June 2014 but coming in slightly below analysts’ expectations of a 1.9% rise. Annual average inflation also inched up, rising to 0.8% in January from 0.7% in the prior month.

The Bank of England sees inflation averaging 2.7% in 2017 and 2.6% in 2018. FocusEconomics Consensus Forecast panelists expect inflation to average 2.4% in 2017, which is unchanged from last month’s forecast. For 2018, the panel forecasts that inflation will average 2.5%.

Author:, Economist

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United Kingdom Inflation Chart

United Kingdom Inflation January 2017

Note: Annual and monthly variation of consumer price index in %.
Source: Office for National Statistics (ONS) and FocusEconomics calculations.

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