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Payment protection refunds: Inflation rose to 4% in January

People currently seeking out payment protection refunds may be interested to hear that inflation rose to four per cent in January.

Figures from the Office for National Statistics show that the rate of inflation went up by 0.3 per cent in January, up from 3.7 per cent in December, reports

Bank governor Mervyn King revealed that inflation is expected to continue to rise in the coming months.

He told the news provider: "There is a great deal of uncertainty about the medium-term outlook for inflation … there are real differences of view within the committee, reflecting different judgements about the risks to that outlook.

"Inflation is likely to continue to pick up to somewhere between four and five per cent over the next few months ahead."

Mr King added that inflation will probably remain above target this year.

Last week the Monetary Policy Committee voted to keep interest rates at 0.5 per cent.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.

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