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UK inflation remains above BoE's target

British inflation rose to an annual rate of 2.2% in January, compared with 2.1% in  December, the latest official data show. Analysts had forecast inflation of 2.3%.

The largest upward pressure in January came from an increase in the price of road fuels, the Office for National Statistics said in a statement.

The 12-month inflation rate remained above the Bank of England's 2% target for a fourth month in a row.

On a monthly basis, Britain's consumer prices index fell by 1% in January from December. Analysts had forecast a drop of 0.6%.