British consumer price inflation held steady at an annual rate of 4.0% in January, defying economists’ expectations of a rise to 4.2%, according to the Office for National Statistics. The unchanged inflation rate provides a boost for the Bank of England, which has been monitoring price pressures closely as it considers interest rate cuts. Core inflation, which excludes volatile items such as food and energy, remained at 5.1%. However, services inflation, a key indicator of domestic price pressures, ticked up to 6.5% from 6.4% in December. The publication of the data prompted a immediate weakening of the sterling against the dollar and the euro.
UK Inflation Holds Steady at 4.0% in January, Defying Forecast, Signals Uncertainty for Bank of England
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