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U.K. annual inflation rose to 3.5% in January from 2.9% in December, the Office for National Statistics reported Tuesday. The annual rate matched economists' expectations and was the highest since November 2008. Increase in VAT rate leads to record CPI monthly movement for a December to January period, the ONS said. Month-on-month, the consumer price index fell 0.2% in January, while economists expected it to fall 0.1%.
As annual inflation exceeded 3%, Bank of England Governor will write an open letter to the Chancellor explaining the reasons why inflation has increased to such an extent and what the Bank proposes to do to ensure inflation comes back to the target. BoE is set to publish Governor's Letter at 5.30 am EST.
Retail prices remained flat between December and January, in line with expectations. At the same time, the RPI annual inflation rate increased to 3.7% in January from 2.4% in December. Excluding mortgage interest payments, retail prices were up 4.6% in January, up from 3.8% in December.
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