January inflation to hit Bank of England target following energy price cap

Inflation is expected to have hit the Bank of England’s target in January, thanks to the new cap on energy prices.

Consensus estimates predict Office for National Statistics (ONS) figures will reveal on Wednesday that the Consumer Prices Index (CPI) rate of inflation fell to 2% last month, reaching the central bank’s goal.

Inflation in December came in at 2.1%, a near two-year low, due to the collapse in oil prices which pulled down petrol prices and air fares.

The main driver for January inflation will be the new energy…
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