		<div class="wpcnt">
			<div class="wpa">
				<span class="wpa-about">Advertisements</span>
				<div class="u top_amp">
							<amp-ad width="300" height="265"
		 type="pubmine"
		 data-siteid="111265417"
		 data-section="2">
		</amp-ad>
				</div>
			</div>
		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/inflation-hits-double-2-target.jpg"><img class="alignnone size-full" title="Bank of England governor Mervyn King has warned of continuing 'uncertainty' over inflation" src="http://londonglossy.com/wp-content/uploads/2011/02/min-inflation-hits-double-2-target.jpg" alt="Bank of England governor Mervyn King has warned of continuing 'uncertainty' over inflation"/></a></p>
<p>UK inflation hit double the Bank of England&#8217;s 2% target last month as it soared to its highest level in more than two years, official figures have shown.</p>
<p>The Office for National Statistics (ONS) said the Consumer Prices Index (CPI) rate of inflation hit 4% in January, up from 3.7% in December, as the increase in VAT and the soaring cost of crude oil pushed up the cost of living.</p>
<p>Governor Mervyn King admitted in a letter to Chancellor George Osborne there was a &#8220;great deal of uncertainty&#8221; over the inflation outlook and there were &#8220;real differences of view&#8221; among Bank of England policymakers.</p>
<p>Economists called into question the Bank&#8217;s credibility as the Governor confirmed inflation was likely to pick up to between 4% and 5% over the months ahead.</p>
<p>The City will now look to the Bank&#8217;s quarterly inflation report for further insight into its stance on interest rates.</p>
<p>Rocketing inflation has raised the stakes for a rate hike to arrive sooner rather later, according to economists, although pressure may have eased after the figure came in a little below expectations.</p>
<p>The CPI rate of inflation rose by 0.1% on a monthly basis between December and January &#8211; the first time prices rose between those two months since records began in 1997.</p>
<p>The price of petrol hit a record high of 127p per litre in January, the ONS said.</p>
<p>But rising prices in transport, restaurant and hotels, furniture and alcohol also made significant contributions to the increase in the overall rate of inflation.</p>
<p>Within transport, prices of new cars were up 2.4% between December and January, while second-hand cars went up 2%.</p>
			<div style="padding-bottom:15px;" class="wordads-tag" data-slot-type="belowpost">
				<div id="atatags-dynamic-belowpost-68ef345a3391b">
					<script type="text/javascript">
						window.getAdSnippetCallback = function () {
							if ( false === ( window.isWatlV1 ?? false ) ) {
								// Use Aditude scripts.
								window.tudeMappings = window.tudeMappings || [];
								window.tudeMappings.push( {
									divId: 'atatags-dynamic-belowpost-68ef345a3391b',
									format: 'belowpost',
								} );
							}
						}

						if ( document.readyState === 'loading' ) {
							document.addEventListener( 'DOMContentLoaded', window.getAdSnippetCallback );
						} else {
							window.getAdSnippetCallback();
						}
					</script>
				</div>
			</div>
Discover more from London Glossy Post
Subscribe to get the latest posts sent to your email.
