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14 February 2017
Rising fuel prices and fluctuations in the Pound saw inflation rise to a two-and-a-half year high, according to the Office for National Statistics.
Chris Price, investment specialist at investment management and stockbroking firm Redmayne-Bentley, said:
“The surge in UK inflation continues, rising to 1.8 per cent in January, which is the highest level since June 2014. However, the figure was lower than expectations and remains below the Bank of England’s 2 per cent target.
“The continued rise in inflation is expected as the impact of rising energy prices and the weaker Pound are being passed on by suppliers and manufacturers to the consumer. However, the rise was less than economists’ forecasts as clothing and footwear prices fell by more than expected, alleviating some of the upward pressure from increasing fuel and food prices. Raw material and factory gate prices have both jumped up again, suggesting that the outlook for inflation is for further increases in future months, but the uncertainty surrounding the effects of the triggering of Article 50 may act as a brake on any possible short-term interest rate rise.”
Notes to the Editor
Established in 1875, Redmayne-Bentley is one the UK’s largest independently owned investment management and private client stockbroking firms, with 37 regional offices throughout the UK and in the Republic of Ireland.
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