United Kingdom consumer prices fell 0.5% in January with the year-on-year rate increasing to 1.8% from 1.6% the previous month given that prices had fallen more sharply in January 2016.
The increase in the inflation rate takes it closer to the Bank of England's target rate of 2%, which was last seen in December 2013.
Almost half of January's monthly increase in the consumer price index was driven by rising fuel prices, with the gasoline index up nearly eight percent while costs for housing, clothing and new cars also rose, according to the Labor Department.
But a pick-up in global crude prices, a volatile foreign exchange market, and relatively high domestic non-food and non-fuel inflation have fuelled concerns among RBI officials.
United Kingdom consumer price inflation accelerated to a 31-month high and input prices surged the most since 2008 in January, as a weak pound pushed up imported prices.
Rising energy costs have recently become a prime source of inflation, reversing a trend in recent years in which falling oil prices were suppressing inflation.
So-called core producer prices have climbed 1.6% in the past year, down from a two-year high of 1.8% two months ago.
National Football League warns Texas over "bathroom bill": No Super Bowl for you!
The "bathroom bill" now under consideration could sink the state's chances of hosting another Super Bowl in the near future. The Atlantic Coast Conference moved 10 championship events, including its football championship game (Clemson vs.
The National Institute of Social and Economic Research said GDP grew by 0.7 per cent over the three months to the end of January, following growth of 0.6 per cent for the last quarter of 2016.
Rising demand and a recovery in commodity prices have given a boost to inflation in recent months.
There was also an upward effect from food, where prices were unchanged between December and January but had fallen by 0.6% between the same two months a year earlier.
Even though the retail inflation is well below Reserve Bank of India's target of 5 per cent, it is unlikely that the central bank will go for a rate cut in the coming months.
Data released by the Department of Industrial Policy and Promotion (DIPP) showed food inflation continued to contract by 0.56% in January against a contraction of 0.7% in December.
Given the resilience of United Kingdom data so far, today's figures may provoke debate amongst Monetary Policy Committee members around the timing of the next rate rise.
- Seahawks won't lose draft pick for concealing Richard Sherman's injury
- Alex McLeish to return to Rangers?
- Turkish troops, Syria rebels enter IS-held town of Al-Bab
- North Korea leader's half-brother and rival is dead in a suspected assassination
- YouTube Go APK Available For Offline Download App
- Appleton gas prices will be on the rise
- Wenger refuses to concede title fight is over
- Plane Incident Sparks FAA Investigation With Harrison Ford
- Steve Smith happy to turn up heat on India
- Donald Trump Spent His Sunday Morning Beefing With Mark Cuban on Twitter