The UK’s annual inflation rate was steady last month, defying expectations of an acceleration, numbers on Wednesday showed.
According to the Office for National Statistics, the rate of annual consumer price inflation was unmoved at 4.0% in January, where it had stood in December.
It had been expected to pick up to 4.2%, according to FXStreet cited consensus.
Consumer prices declined 0.6% in January from December. They had been expected to decline at a lesser monthly pace of 0.3%, according to FXStreet. Prices had risen 0.4% in December from November.
The UK annual inflation rare hit a recent peak of 11.1% in October 2022, and faded to as low as 3.9% in November of last year. The Bank of England has a 2% inflation target, with the current rate still double that.
The next Bank of England decision is on March 21. There will be another consumer price index reading a day prior to that decision for Threadneedle Street to digest.
BoE Governor Andrew Bailey speaks at 1500 GMT on Wednesday.
Producer prices fell 3.3% on-year last month, the pace of decline picking up from a 2.1% slip in December. A lesser fall of 3.0% was expected by market analysts, according to FXStreet.
On a monthly basis, producer prices fell 0.8% in January from December, defying expectations of a 0.2% rise. They had fallen 0.4% in December from November.
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