The Office for National Statistics (ONS) said the consumer prices index (CPI) measure of inflation increased to 5.5% in January from 5.4% a month earlier, driven by prices for clothing, footwear and furniture.
City economists had forecast the inflation rate to remain at 5.4%. The ONS said inflation was last higher in March 1992, when it stood at 7.1%.
Personally speaking I think the economy can run "hot" for a few months, as the supply chain issues etc work their way through the system, before the Bank of England starts to raise rates further.
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