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Inflation Soars to Highest Level in Two Years
07/03/2011
Pressure on the Bank of England to raise interest rates intensifies as inflation increased to its highest level in more than two years in January.
The Consumer Prices Index rose to 4 per cent last month, from 3.7% in December, the Office for National Statistics said, following an increase in VAT from 17.5% to 20%.
The Retail Prices Index, which includes house prices and is seen as a better reflection of the cost of living, rose from 4.8 to 5.1%.
The Consumer Prices Index figure, the highest since November 2008, is double the Government's 2% target and is likely to throw weight behind the argument for hiking interest rates from a historic low of 0.5%.
Homeowners aged over 55 years who are concerned about rising inflation and would like to know how much money the value of their property could release to increase their income, can find out by contacting therightequityrelease.co.uk for equity release advice.
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