UK inflation climbed to 1.8 percent in January, driven by a rise in fuel prices, the weakness of the English pound and rise in oil price sent costs for firms soaring. The Office for National Statistics said inflation was at its highest level since June 2014 and followed a reading of 1.6 percent in December. 

    The inflation figures were accompanied by other data showing manufacturers’ fuel and material costs, known as input prices, jumped 20.5 percent year-on-year in January. The pound’s sharp fall since the Brexit vote has made imports to the UK more expensive and oil prices have been rising on the back of lower production