{"id":164171,"date":"2021-02-17T08:57:33","date_gmt":"2021-02-17T08:57:33","guid":{"rendered":"https:\/\/www.theindustry.fashion\/uk-inflation-increased-last-month-due-to-higher-food-prices-but-clothing-prices-down\/"},"modified":"2021-08-06T12:10:19","modified_gmt":"2021-08-06T12:10:19","slug":"uk-inflation-increased-last-month-due-to-higher-food-prices-but-clothing-prices-down","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/uk-inflation-increased-last-month-due-to-higher-food-prices-but-clothing-prices-down\/","title":{"rendered":"UK inflation increased last month due to higher food prices but clothing prices down"},"content":{"rendered":"

UK inflation increased last month on the back of higher food prices and more expensive household goods, according to official figures, however prices for clothing and footwear were down due to widespread discounting.<\/strong><\/p>\n

<\/p>\n

The Office for National Statistics (ONS) said Consumer Prices Index (CPI) inflation increased to 0.7% in January from 0.6% in December.<\/strong><\/p>\n

The figure was ahead of analyst expectations, with a consensus of economists having predicted inflation of 0.5% for the month.<\/p>\n

Jonathan Athow, deputy national statistician for economic statistics at the ONS, said: \u201cInflation rose slightly in January, with food prices increasing.\u00a0Household goods also pushed up prices with less discounting this year<\/strong> on items such as bedding and settees.\u201d<\/p>\n

Food and non-alcoholic drink prices increased by 0.6%, driven particularly by more expensive cauliflowers and potato crisps.\u00a0The ONS also flagged that there was volatility in fish prices following the UK\u2019s exit from the EU, with price increases for prawns, frozen fish fingers and fresh salmon.<\/p>\n

It said the largest contribution to the increase in inflation came from furniture and home furnishings, as the sector saw significantly reduced discounting on leather settees and double beds.<\/p>\n

These increases were partially offset by cheaper clothing as retailers heavily discounted items online.\u00a0<\/strong>Athow said: \u201cThere were widespread January sales, with particular price cuts for clothing and footwear.\u201d<\/p>\n

The price of clothing and footwear slid by 4.8% for the month.<\/strong><\/p>\n

The Retail Price Index (RPI), a separate measure of inflation, increased to 1.4% from 0.9% in December.<\/p>\n

The CPI, including owner-occupiers\u2019 housing costs (CPIH) \u2013 the ONS\u2019s preferred measure of inflation \u2013 was 0.9% in January, up from 0.8% last month.<\/p>\n

Laith Khalaf, financial analyst at AJ Bell, said: \u201cWhile the headline CPI rate is glacially cool, the debate between inflation and deflation is raging.<\/strong><\/p>\n

\u201cCommodity prices have been creeping up, and the market seems to be buying into a global economic recovery, with cyclical stocks performing well.<\/p>\n

\u201cCombined with the huge amount of monetary and fiscal stimulus pumped into the economy, that suggests that inflationary pressures may be brewing<\/strong>.\u201d<\/p>\n

\"Newsletter<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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