UK inflation beats expectations

UK inflation beats expectations

Consumer Prices Index 12-month rate at 3 percent in January 2018, unchanged from December 2017

LONDON (AA) - The U.K.'s consumer price inflation remained at 3 percent in January, beating expectation of economists, according to the Office National Statistics (ONS).

The Consumer Prices Index (CPI) 12-month rate was 3 percent in January 2018, unchanged from December 2017, the office said.

Expectation of economists for the annual inflation in the U.K in January was at 2.9 percent.

The main upward effect came from prices for a range of recreational and cultural goods and services, in particular, admissions to attractions such as zoos and gardens.

The largest downward contribution to change in the rate came from prices for motor fuels, which rose by less than what it was a year ago.

"Factory goods price inflation continued to slow, with food prices falling in January. The growth in the cost of raw materials also slowed, with the prices of some imported materials falling," ONS Senior Statistician James Tucker said.

Annual inflation in the U.K. was at 3.1 percent in November and 3 percent in December last year.

Following the decision of leaving the interest rate at 0.5 percent, voted unanimously by policymakers last week, “It will be likely to be necessary to raise interest rates to a limited degree in a gradual process but somewhat earlier and to a somewhat greater extent that what we had thought in November,” Mark Carney, governor of Bank of England said in a news conference on Thursday.

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