This January, a report says that there is a 4% increase in inflation.  Now the inflation rate has increased to 4.4% according to the Consumer Price Index.  The increase in inflation is mainly caused by the rise in the cost of petroleum, food and clothing.  If these records are factored into the Retail Price Index, the yearly inflation rate will be 5.5% which is the highest rate in twenty years.  The Bank of England must try to resolve this issue by increasing their interest rates.  If the prices of petroleum still stable at more than $100 per barrel and the turmoil in the Middle East is not improving, the cost of basic commodities will continue to rise and inflation will still remain high over the coming years.

Excerpts:

“Inflation, as measured by the Consumer Price Index (CPI), has risen to 4.4%, significantly more than the 4% reported for January.”

“CPI inflation figures are very likely to hit 5% in the next few months making a rise in base rates more likely from August onwards.”

Original article can be found at:

http://www.moneyhighstreet.com/personal-finance-news/inflation-rises-to-4-4/

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