UK: Fuel prices nudge inflation higher

The cost of living in the UK strayed further away from the Government’s 2% target last month as fuel inflation hit its highest rate since records began, official figures showed today.

The Consumer Prices Index (CPI) – the official rate of inflation – rose by 2.2% last month, up from 2.1% in December, as the average price of petrol rose by 1.3p to 103.9p per litre, according to the Office for National Statistics (ONS).