Inflation in China is heating up fast

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United Kingdom consumer prices fell 0.5% in January with the year-on-year rate increasing to 1.8% from 1.6% the previous month given that prices had fallen more sharply in January 2016.

These upward pressures, however, were partially offset by clothing and footwear prices, which fell by 4.2% month-on-month, compared to a 3.1% reduction a year earlier.

United Kingdom inflation rose less than expected in January, but continued to climb closer to the Bank of England's 2.0% target, which looks likely to be breached in the coming months.

Expectations remain that inflation will continue to jump sharply in the coming months as the effects of the weaker pound - which has fallen roughly 19% since the Brexit vote - trickle into the real economy, pushing up the price of goods.

Earlier this month, the Bank of England said it expected the inflation rate to hit 2.7% next year.

India's wholesale price inflation (WPI) shot up to 5.25% in January from 3.39% a month ago on the back of rising fuel prices even as food and vegetable prices contracted during the month.

CPIH, which the ONS will adopt as its preferred measure of inflation in March, rose by 2.0% in the year to January 2017, compared with a 1.7% rise in the year to December 2016.

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As per the data, food inflation basket contracted to 0.56 per cent in January, negative growth second time in a row.

Inflation for manufacturing items also rose marginally to 3.99% from 3.67% during the same period mostly due to higher prices of metal products, iron and steel and edible oils among others. In a sign of resilient demand among consumers, retail sales climbed 0.4 percent, Commerce Department data showed.

Retail inflation eased to 3.17 percent in January, its lowest level in at least five years.

"The continued rise in inflation will squeeze consumer spending and dampen growth in 2017 and 2018, but despite this we still expect GDP to rise by around 1.5 % this year and next".

The Federal Reserve has begun to slowly raise interest rates with two increases since the end of 2015.

Core wholesale inflation, or nonfood, non-fuel inflation, firmed up to a 28-month high of 2.67% in sync with an over 5% reading for core consumer inflation.