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Inflation soars to 4%

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Inflation soars to 4%

Inflation hit 4% last month under the Consumer Price Index (CPI) increasing pressure on the Bank of England to raise interest rates.

The 4% CPI figure is up from 3.7% in December and the highest level since November 2008. Under the Retail Price Index (which includes housing costs), inflation is now at 5.1%.

January’s inflation figures are the first to reflect the new higher VAT rate which increased from 17.5% to 20% on 4 January.

So should the Bank of England raise interest rates to combat high inflation? Vote now in our survey on the right hand side of the page.

**This material is for information purposes only and should not be considered financial advice. We strongly encourage our readers not to rely solely on this content, but to seek independent advice when making financial decisions.**

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