The annual rate of inflation has hit a fresh 30-year high of 5.5%, with higher clothing and footwear prices adding to the cost of living squeeze facing UK households.
Economists expect the consumer price index to top 7% once April's change to the Ofgem energy cap is implemented. Today’s figure for January was slightly higher than expected and compared with 5.4% the previous month.
The retail prices index, which is still used in setting some bills, reached 7.8% compared with the forecast 7.4% as the Bank of England comes under pressure to hike interest rates for a third month in a row when policymakers meet next month.
