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The Office for National Statistics (ONS) released the consumer price inflation data for the U.K. on Tuesday. The U.K. consumer price index rose to 0.3% year-on-year in January from 0.2% in December, in line with expectations. It was the highest reading since January 2015.
The rise was driven by a softer decline in food and fuel prices.
On a monthly basis, U.K. consumer prices dropped 0.8% in January, missing expectations for a 0.7% fall, after a 0.1% gain in December.
The monthly decline was driven by a drop in air fare prices.
Consumer price inflation excluding food, energy, alcohol and tobacco prices decreased to 1.2% year-on-year in January from 1.4% in December, missing expectations for a 1.3% gain.
The Retail Prices Index climbed to 1.3% year-on-year in January from 1.2% in December, missing expectations for an increase to 1.4%.
The consumer price inflation is below the Bank of England's 2% target.
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