2024-02-14 07:04:45
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UK inflation stayed steady at 4 per cent in January, undershooting analysts’ expectations as the Bank of England awaits conclusive evidence of price pressures easing before it cuts interest rates.
Consumer prices rose at an annual rate of 4 per cent in January, the same rate as in December, the Office for National Statistics said on Wednesday. Analysts had expected an uptick to 4.2 per cent, slightly above the Bank of England’s forecast of 4.1 per cent.
Core consumer price inflation — excluding energy, food, alcohol and tobacco — also remained steady at 5.1 per cent, although the services component edged up slightly from 6.4 per cent to 6.5 per cent.
Sterling nudged lower following the figures, with the pound sliding 0.2 per cent to $1.2565.
Additional reporting by Mary McDougall
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