London — British inflation unexpectedly rose to a six-month high in January, pushed up by higher petrol prices and a smaller-than-usual drop in airfares, official data showed on Wednesday.
The BOE said in January that it expected inflation to run below its target throughout 2020, bottoming out at about 1.2% in the third quarter of this year. New finance minister Rishi Sunak said British families have been left better off from low inflation and strong wage growth over the past 18 months.
A measure of core inflation, which excludes energy, fuel, alcohol and tobacco, rose to 1.6% from 1.4% in December.Manufacturers’ raw-material costs rose 2.1% in annual terms last month, the biggest increase since April, which reflected a surge in precious metal prices, particularly for palladium, used in catalytic converters for cars. The Reuters poll had pointed to a 0.1% fall.
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