CPI inflation showed its first rise this year in July with a 0.2 percentage point increase to 2.2%, ONS reported today.

Phoenix Group, owner of Standard Life and Sun Life, has reserved £70m for the potential impact of Consumer Duty legacy product costs, it revealed in its annual results today.

The Consumer Prices Index 12 month rate held steady in January at 4% despite predictions from some of a rise to 4.1% or 4.2%.

The 12 month rate of CPI inflation increased by a surprise 0.1% in December to 4% despite experts predicting a fall to 3.8%.