UK inflation rises to six-month high; house prices increase by 2.2%

UK inflation in January increased to a six-month high, driven by petrol and house price rises.

The CPI stood at 1.8% last month, up from 1.3% in December, according to latest figures published by the Office for National Statistics.

The 1.8% figure is ahead of economists’ CPI forecasts of 1.6%, and remains below the BoE’s 2% target for inflation.

Annual house prices rose across all regions of the UK, according to the latest UK House Price Index, increasing by 2.2% over the year to December 2019, up from 1.7% in November.

Andrews Property Group CEO David Westgate said: “For all regions to have delivered positive annual growth for the first time in nearly two years highlights just how resilient the UK property market has been against a backdrop of extreme political uncertainty.

“There’s a definite sense that the property market has turned a corner and is shaking off its post EU-Referendum anxieties. Sheer boredom with Brexit and the simple need to get on with their lives saw more and more people transact during 2019.”

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