Up from 1.6% in December
China the only deflationary force
Up from 1.2% in November
Economists expected third consecutive monthly rise
Even though I admit to being something of an investment trust enthusiast, I rarely bother to peruse the manager statements for the funds I own.
Expectations of a move higher
Inflation set to rise to 3% by 2017
Sterling jumps 0.8%
Beat consensus expectations of 0.4%
Will gather momentum next year
Monetary tools available
Remained unchanged between January and February
No change from previous month
Third consecutive month of increases
Largely unchanged over year
Fell back into deflationary territory in September
Dampens case for UK rate rise
Core inflation rises to highest level in five months
Fund managers and economists have reacted to the surprise news that only one MPC member voted for a rate rise this month, saying the UK economy is 'not out of the woods yet'.
UK CPI inflation fell back to zero last month, down from 0.1% in May, as the prices of clothing, fuel and food all fell.
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The Office for National Statistics this morning revealed UK CPI inflation turned negative for the first time on record, but key industry figures suggest this deflationary spell will be temporary.