The rise in CPI inflation from +0.6% in December to +0.7% in January (consensus forecast +0.6%) was trivial given that leaps to around +2.0% in April and to around +2.5% by the end of the year appear to be baked in the cake. That would knock on the head any lingering hopes of more policy stimulus from the Bank of England, although we doubt it would prompt tighter monetary policy either.
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