China consumer inflation quickens to 2.5% in January
The spike in global fuel prices, which led to a spurt in the cost of domestic fuel, pushed up inflation.
However, Alan Clarke, head of European fixed income strategy at Scotiabank, said a jump in petrol prices could be enough to push CPI to 2% in January.
"But the honeymoon of rock-bottom price rises is now over with inflation having doubled since October, and set to increase further in the coming months".
The minerals segment, however, saw the rate of inflation almost doubling in January to 25.4% from 12.9% in December.
Food inflation rose by 2.7% over the year, up from 2.4% in the previous month, while non-food prices jumped by 2.5%, again above the 2.0% level reported previously. Prices in the hotels and restaurants sector also increased on the month.
Overall, the UK Consumer Price Index (CPI) was up 1.8% in the year to January, compared to a 1.6% rise in the year to December 2016, according to figures released by the Office for National Statistics (ONS).
Earlier this month, the Bank of England said it expected the inflation rate would hit 2.7% next year.
Yes Bank expects WPI to trend up in the upcoming prints as adverse base effects, higher global commodity prices and uptick in economic activity impart an upside thrust.
Usually such a rise in inflation would send a country's currency rallying on expectations of higher interest rates, but for the pound the 1.8% pickup was actually a disappointment.
"The upside for United Kingdom inflation in January may have been limited by a number of retailers engaging in aggressive discounting in the January sales after disappointing sales at the end of the year, " he said. In December, the growth in inflation was reported at 3.41 per cent which was largely due to fall in the price of perishable items like fruits an vegetables. The increase in consumer prices is partly attributed to the Lunar New Year falling in January, when consumers spend extra on food and gifts for the holiday period. The WPI for January'17 is significantly higher than the WPI of (-) 1.07% for the corresponding month past year.
The increase in the inflation rate takes it closer to the Bank of England's target rate of 2%, which was last seen in December 2013.
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Iranian president rejects USA 'threats, arrogance'
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