Latest inflation figures released

Figures released by the Office of National Statistics giving the latest inflation figures for the year to January, reveal that the Consumer Prices Index remained at 2.7% for the fourth month in a row, whilst the Retail Prices Index increased from 3.1% in December to 3.3%.

Responding to the figures, Dr Brian Sloan, Chief Economist at Greater Manchester Chamber of Commerce, said: “There is some relief that CPI inflation has not crept higher this month and although it has held steady now for four months we still expect this measure to move to 3% before easing back later in the year.

"Whilst not the main factor behind inflation holding at this level, essential food purchases have seen above inflation rises that will keep pressure on households. This in turn will also put pressure on businesses. The Bank of England has been right to hold off further asset purchases and it is the Government that must look to make the economy more competitive to improve growth.”