The Bank has revised its growth forecast for 2017 down to 1.7%, as Governor Mark Carney warned incomes will remain squeezed.Read the full story ›
While remaining well above the Bank's target figure, the unexpected drop in inflation could make its mind up on an interest rate rise.Read the full story ›
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Rising prices for air fares, clothing, vehicle excise duty and electricity saw inflation hit a three-and-a-half year high in April.Read the full story ›
Inflation remained unchanged at 2.3% in March as a jump in the cost of food and clothing was offset by falling flight prices.Read the full story ›
Rising food and fuel prices had been expected to push the rate of Consumer Price Index inflation beyond the Bank target.Read the full story ›
Inflation reached a two-and-a-half-year high in January as rising fuel prices bumped up the cost of living.Read the full story ›
The Consumer Price Index showed that inflation rose to 1.6% in December last year, from 1.2% in November, the Office for National Statistics has said.
It is the highest rate of inflation since July 2014, and outperformed economists' median forecast of 1.4%.
The rise has been blamed partly on the rise of air fares and food prices.
ONS head of inflation Mike Prestwood said: "This is the highest CPI has been for over two years, though the annual rate remains below the Bank of England's target and low by historical standards.
"Rising air fares and food prices, along with petrol prices falling less than last December, all helped to push up the rate of inflation.
"Rising raw material costs also continued to push up the prices of goods leaving factories."
It comes a day after Bank of England governor Mark Carney warned the depreciation of sterling following a vote for Brexit may have a delayed impact on wages and consumer spending.