UK consumer prices rose at the slowest pace in two years in January led by lower oil prices, and fell below the Bank of England's target, while core inflation remained steady.
The consumer price index rose 1.8 percent year-on-year following a 2.1 percent increase in December, figures from the Office for National Statistics showed Wednesday. Economists had expected 2 percent inflation. "The fall in inflation is due mainly to cheaper gas, electricity and petrol, partly offset by rising ferry ticket prices and air fares falling more slowly than this time last year," ONS Head of Inflation Mike Hardie said. Headline inflation was the slowest since January 2017, when prices rose at the same pace. Inflation peaked at 3.1 percent in November 2017.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.