UK inflation rate jumps to 1.6% (news: 17/01/17)

Today's press

• Oil Climbs as OPEC Sees Market Balancing While Dollar Slides

  Brent oil rose above $56 a barrel after OPEC members including Saudi Arabia said output cuts are bringing the market into balance, while the dollar weakened.

• UK inflation rate jumps to 1.6%

  Consumer Prices Index (CPI) inflation rose to 1.6% last month, up from 1.2% in November, the Office for National Statistics (ONS) said.

• Dollar Pulled Lower As Pound Fills The Gap

  It's been an active night of trade in Asia with cable staging a furious short covering rally that helped the pair fill the gap from the weekend open, but sterling ran out of momentum ahead of the 1.2200 figure and dropped back below 1.2150 by mid-morning trade.