Inflation remains unchanged at 2.7 per cent in January

UK inflation remained unexpectedly flat for the fourth consecutive month in January at 2.7 per cent, according to figures from the Office for National Statistics.

It marks the longest period in which consumer price inflation growth has remained unchanged.

The biggest upward contribution came from an 8.5 per cent rise in the price of alcohol and tobacco. On the downside, there were slower increases in the price of miscellaneous goods and services, such as money transfer fees, as well as clothes and shoes.

Meanwhile, retail price inflation ticked up to 3.3 per cent, from 3.1 per cent in December.