This morning, the Office for National Statistics (ONS) posted the UK’s latest inflation data, showing that the headline rate remained unchanged in January despite analysts widely expecting a slight uptick. Core inflation, however, rose to 5.1%. What does this tell us about the UK’s journey back to the 2% target rate? Moneyfarm analyst Jack Amy gave his reaction to today’s news:
“In January, headline inflation in the UK held steady at 4%, falling slightly short of the forecasted 4.2%. Housing and energy prices were the primary drivers of this figure, while household goods and food prices exerted a downward pressure.
Core inflation, excluding the volatile food and energy components, registered a higher figure of 5.1%, albeit below the anticipated 5.2%.
Jack Amy: Jack joined the Asset Allocation team in February 2022 as a Portfolio Analyst, after working in the Investment Advisory Team at Moneyfarm. Jack graduated in 2016 from the University of Birmingham with a degree in Economic and Social History, and gained experience directly with Moneyfarm’s customers in his role with the Investment Advisory Team. Jack is passionate about financial markets and technology, and is currently enrolled in MSc Computer Science at Birkbeck, University of London. Jack is a member of the Investment Committee.
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