Inflation took market watchers by surprise when the Office of National Statistics (ONS) released the January inflation figures, showing a substantial rise in inflation over just one month.

The Consumer Prices Index was 1.8% in January 2020, still a little below the Bank of England's target rate of 2% but the size of the increase from 1.4% in December 2019, is worrying.

Not that surprising this time of the year that energy and water prices were the main culprits with general fuel prices higher. Possibly a reaction to the vulnerability of international oil tankers to Iranian aggression, following the US assassination of top Iranian military leaders in early January. Airfares were also higher for the same reason.