UK inflation accelerates to 3.5%

From the BBC:

The UK inflation rate rose to 3.5% in January - the fastest annual pace for 14 months - from 2.9% the month before, official figures have shown.

Consumer Prices Index (CPI) inflation was driven up by VAT returning to 17.5% and higher petrol prices.

Retail Prices Index (RPI) inflation which includes housing costs, rose up to 3.7% in January, up from 2.4%.

Bank of England governor Mervyn King has had to write a letter of explanation to the chancellor.

A letter from the bank's governor is required if inflation is more than one percentage point above or below the government's 2% target.

In it, the governor said the inflation rise was "temporary".

Mr Darling responded, saying the inflation outlook was "subject to some uncertainty" as the world emerges from the "deepest downturn in modern times".

Full article:
BBC News - UK inflation accelerates to 3.5%

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