The latest inflation data from the ONS says that CPI annual inflation now stands at 4% from 3.7% in December. The government target for CPI is 2%. The main contributory factors were petrol and diesel prices, restaurants and cafes, furniture and furnishings, alcoholic beverages and vehicle purchases. Two important factors that also made an impact were the increase in VAT and the price of crude oil. Downward pressure on the CPI came from recreation and culture, banking services and clothing and footwear. The RPI increased from 4.8% in December to 5.1% in January 2011.
The all items CPI hasn't been higher since November 2008, non-alcoholic beverages, restaurants and hotels and petrol haven't been higher since records began.
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