Rolling coverage of the latest economic and financial news
- CPI rose 0.7% year-on-year in January
- Furniture and food pushed up cost of living
- Coming up: UK house price index at 9.30am
A surge in demand for new furniture from locked-down families may have contributed to the rise in inflation.
The Office for National Statistics reports that there was “reduced discounting to prices of leather settees and double beds” in January, adding:
There were smaller upward contributions across the household textiles; household appliances, fitting and repairs; and glassware, tableware and household utensils groups, with the only standout movements coming from fitted sheets and duvets.
Related: ‘It’s crazy good’: Covid boom leaves UK furniture firms sitting pretty
This chart shows how prices changed in January — with furniture, food and transport pushing the inflation rate up, while clothing and shoes were discounted in the sales:
