However, even if headline inflation missed forecasts this time, the data still confirm that consumer prices are rising rapidly in the U.K. At 1.8% last month, inflation is now at the highest level since June 2014 and firmly above the 0.3% printed in January a year ago.
Fuelled largely by a weaker pound, inflation is widely tipped to increase further this year, and is expected to hit as high as 2.7% next year, according to the Bank of England.
The NBS said consumer price inflation rose by 2.5% from a year earlier, a figure that was higher than the 2.1% increase of December and market expectations for an acceleration to 2.4%.More news: Eight killed in Kashmir gunfight, protestors clash with security
The Bank expects inflation to rise "markedly" above the 2% target over the coming months as a result of the weakness in the pound.
The BoE's estimates were slightly predicated on domestic inflation from the services sector weakening this year - yet January's data showed a rise from 2.5 per cent to 2.6 per cent, casting some doubt on the bank's more timid outlook.
Consumer Price Index inflation or retail inflation cooled to a five-year low of 3.17% in January 2017 compared to 3.41% in December as the impact of demonetization played out in the economy. The so-called core gauge probably rose 1.8 percent in January from a year earlier, Wieseman estimates.More news: German, eurozone economic growth revised down slightly
The ONS said that sterling weakness, which has seen the pound fall by some 16% since the June Brexit vote, had contributed to increase in price across both categories. In January, the transportation and communication costs surged 2.3%, up from a 0.9% rise in December.
Historically, India has paid more attention to wholesale prices than consumer ones, but the RBI now tracks retail inflation for setting its interest rates.
Accelerating from the previous month's 5.5 percent, the PPI has been rising since September, when it snapped a four-year streak of declines.More news: US Destroyer Buzzed by Multiple Russian Attack Jets
Still, prices of raw and partly finished goods rose sharply in January, signaling somewhat higher wholesale costs in the months ahead. "The Bank of England's now neutral stance is significantly supported by its latest estimate about the amount of spare capacity in the economy, however if the path of CPI is stronger than it now estimates, we may eventually see a stronger reaction from the central bank".