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BREAKING NEWS

UK inflation on the rise hit by hikes in air fares and clothing

UK inflation has risen to 0.5 percent from 0.3 percent according to the Consumer Prices Index.

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UK inflation on the rise hit by hikes in air fares and clothing

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UK inflation has risen to 0.5 percent from 0.3 percent according to the Consumer Prices Index.

Inflation is now at its highest since December 2014, but is still well below the Bank of England’s 2 percent target.

The hike is due to a 22.9 percent increase in air fares, due to Easter falling early, and a rise in the cost of clothes and footwear.

The larger than expected rise in inflation is not expected to impact on interest rates.

Last month the Bank of England’s Monetary Policy Committee voted to keep rates at the 0.5 percent mark, where they have remained for seven years.