Senate probes scarcity of lower naira denominations
Written by Morenike Adebayo on February 13, 2018
UK consumer price inflation remained at three percent in January, the same level as in December.The rate, as reported by the Office for National Statistics (ONS), is close to November’s six-year high of three-point-one percent.Most economists were expecting a small fall in the CPI to two-point-nine percent.
Last week, the Bank of England indicated interest rates might rise sooner than expected when it said it wanted to get inflation closer to two percent within two years rather than three.
Investors have been pricing in a good chance that rates would rise in May, with a second rise later this year, probably in November.
Interest rates are currently at zero-point-five percent. If the Bank raised rates in line with market expectations, they would reach one percent by the end of this year.
The ONS said that although petrol prices had risen by less than this time last year, the cost of entry to attractions such as zoos and gardens fell more slowly. It said, however, that after rising strongly since the middle of 2016, food price inflation now appeared to be slowing.