BoE 'vindicated' on rate pause as inflation rises

UK CPI rose to 1.8% in January, up from 1.4% in the previous month, closing in on the BoE's long-term inflation target of 2%. Meanwhile the 12-month CPIH rate, which includes owner occupiers' housing costs, rose to 1.8% from 1.3% in the previous month. The largest contribution to the CPIH 12-month inflation rate in January 2020 came from housing, water, electricity, gas and other fuels, followed by transport. Meanwhile, the largest detractors from the rate were in furniture and household goods, followed by food and non-alcoholic beverages. Market reaction to the figures was mute...