U.K. inflation came in at an annual 5.5% in January, slightly ahead of forecasts and remaining at a 30-year high.
On a monthly basis, consumer prices contracted by 0.1%, slightly less than expected by economists in a Reuters poll. The annual print was expected to remain at 5.4%.
The Bank expects inflation to peak at 7.25% in April, having previously projected a 6% ceiling in its December report.
The Consumer Prices Index including owner occupiers’ housing costs (CPIH) rose by 4.9% in the 12 months to January 2022, up from 4.8% in December, the Office for National Statistics said Wednesday.
The largest contributors were energy, fuel and food, among other items such as second-hand cars.
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