Investing.com - Britain's inflation rate was steady in January, as it continued to ease back from a five year high, data showed on Tuesday.
In a report, the Office for National Statistics said that the annual rate of change in the consumer price index rose to 3.0% in January, the same as the prior month. Economists had expected a reading of 2.9%.
Inflation fell by a negative 0.5% month-over-month in January, compared to expectations of a fall of 0.6%. Last month inflation rose by 0.4%.
Core CPI, which excludes food, energy, alcohol, and tobacco costs, rose to 2.7%, compared to 2.5% the month prior. Analysts had expected a reading of 2.6%.
Meanwhile the retail price index (RPI) increased by an annualized 4.0% in January compared to 4.1% in December and below expectations of an increase of 4.1%. The RPI fell by a negative 0.8% on a monthly basis compared to an increase of 0.8% in December. Economists had expected the index to fall by a negative 0.7%.
The core RPI rose by an annualized 4.0% compared to 4.2% the month before.
The data also showed that the house price index rose by 5.2% in January, compared to 5.0% the month prior, which was revised down from 5.1%.
The ONS said in a report that the downward pressure came from changes in the price of motor fuels, which rose by less than a year ago. However, a fall in recreational goods and services lead to an inflation increase, they added.
"The main upward effect came from prices for a range of recreational and cultural goods and services, in particular, admissions to attractions such as zoos and gardens, for which prices fell by less than they did a year ago."