Consumer Prices Index

City workers walk past the Bank of England in London (Photo: Leon Neal/Getty Images)

Inflation rises above 2% - what that means for consumers

Andrew Bailey, Governor of the Bank of England.

Interest rates: Bank of England cuts rate to 5% in first drop since 2020

On a monthly basis, food and non-alcoholic beverage prices fell by 0.4% between December and January.

Inflation unchanged in January as food prices fall for first time since 2021

Homeowners on variable rate mortgages linked to the base rate would see an increase in their payments.

Rise in mortgage rates on Thursday looks inescapable, say experts

It is the first time this year that the rate has risen above the Bank of England's 2% inflation target

Inflation takes off on higher air fares and energy prices

Annually, food and alcohol inflation hit 1.1% and 5.1% respectively

Inflation rises but remains below Bank of England target

A 'modest' rise in food and alcohol was offest by lower rises in clothing and footwear than last year

Inflation rises but remains below Bank of England target

The rate is now 0.1% above target

Inflation rate falls closer to Bank of England target

Falling fuel prices has eased pressure for consumers and business alike

Fall in petrol prices helps fuel year end fall in inflation

Food price growth cooled off following rapid inflation this time last year

Inflation on hold as food and clothing offset energy hikes

Food fell 0.2% month-on-month in contrast to a 0.8% rise the same time in 2017

Inflation falls in September as food price rises cool off

Rising food prices have contributed to a surprise jump in inflation

Inflation jumps as transport and fashion prices rise

Households were also squeezed by energy costs which rose by over 2%

Inflation holds firm as retail offsets energy and fuel hikes

The Bank has previously said inflation would fall down to the 2% target this year but already oil prices are creating doubt around that claim

Rates to remain at 0.5% amid growing dilemma for Bank

Economists were expecting inflation to hold steady at 2.7%

Pressure on Bank eases as inflation dips to 12-month low

The fall in rates indicates slightly less pressure on household budgets

Inflation eases for first time since June as December rate is 3%

Inflation has rolled back for the first time since June, helping households to cope with the relentless pressure on their finances.

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Consumer spending during Christmas is set to fall 0.1% over last year

Christmas spending '˜set to fall for the first time since 2012'

This is the first fall since the third quarter of 2014

Household incomes hit as wages rise at slower pace than inflation

Sharply lower oil prices are set to keep a lid on inflation

Drink and clothing push inflation rate to highest for a year