India's WPI inflation rises to 5.25% in January 2017

Rising fuel prices and the supermarket "courgette crunch" caused the cost of living to rise at its fastest rate since June 2014 last month, official figures showed today.

Annual inflation as measured by the Consumer Prices Index (CPI) hit 1.8% last month, up from a 1.6% in December, according to the latest figures from the Office for National Statistics (ONS) said.

The Producer Price Index showed that input prices - the amount paid for materials and fuel by United Kingdom manufacturers - saw its highest rate of growth since4 September 2008, rising 20.5% in January.

United Kingdom inflation is creeping ever closer to the Bank of England's (BoE) 2 per cent target reaching a 30-month high of 1.8 per cent in January.

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Food inflation is also likely to cause more of an upset in the short term, as retailers continue passing on the higher cost of imported products, according to Pantheon chief United Kingdom economist Samuel Tombs.

Sterling's slump against the USA dollar and the euro since the European Union referendum result, coupled with rising oil prices, also caused import prices to leap 20.2 per cent over the period, the ONS said.

Month-on-month, consumer prices climbed at a pace of 1 percent after rising 0.2 percent in December.

"We think the People's Bank of China has gradually shifted to a tightening bias, although we do not expect any aggressive tightening as inflation is still under control", its note said.

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Inflation in the manufactured goods category accelerated marginally to 4% in January from 3.7% in December.

"We still believe that domestic price pressures remain strong and supportive of core CPI, which is evident in solid core services inflation, in particular the shelter component".

The food index, which had been unchanged for 6 consecutive months, increased 0.1 percent. Economists had forecast price growth to rise to 2.4 percent in January.

"With simmering global risks emanating from reversal in commodity cycle and uncertainty from the U.S. monetary and fiscal policy likely to worsen the tradable inflation trajectory and core CPI inflation expected to remain persistently sticky, we expect RBI to maintain status quo through at least first half of 2018", Bhardwaj said.

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Given the resilience of United Kingdom data so far, today's figures may provoke debate amongst Monetary Policy Committee members around the timing of the next rate rise.

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