No change in inflation

Inflation was unchanged despite higher fuel prices. The rise in the Consumer Prices Index (CPI), which excludes housing costs and is the government’s preferred measure, stayed at 1.9% in January. The December figure was revised down from 2.0%.

Inflation under the more widely recognised Retail Prices Index (RPI) rose to 2.4% in January from 2.2% the previous month. Upward pressures were similar to those for the CPI.