The consumer price index rose 1.9 percent year-over-year in January, following a 1.7 percent climb in December.
The CME FedWatch indicator puts the chances of a rise in March at just 17 percent but some market participants say pricing of market interest rates points to odds of 30 percent or more, rising to more than 50 percent for May.
The fuel component of CPI rose afresh on rising crude oil prices and weaker rupee.
However, fuel group inflation accelerated 18.14% in January from 8.65% a month ago, due to rising petrol and diesel prices.
US producer prices rose more than expected in January, recording their largest gain in four years amid increases in the cost of energy products and some services, but a strong dollar continued to keep underlying inflation tame. USA crude CLc1 settled down 0.2 percent at $53.11 and Brent LCOc1 closed down 0.4 percent to $55.75 a barrel. Wholesale gas prices surged nearly 13% in January.
The rise in wholesale inflation is in contrast to the fall in retail inflation, which hit a five-year low of 3.17 per cent in January.
At the same time, deflationary pressures from food prices have slowed down, supporting near-term projections by the central bank that inflation will continue to rise over the first quarter of this year, first reaching and then likely surpassing the target of 2 percent for the period.
Retailers face higher costs from imported goods, fuel and the national living wage, but are generally engrossed in price wars to win market share. BoE Governor Mark Carney this month warned of "twists and turns" ahead as Prime Minister Theresa May starts two years of formal Brexit talks.
Strong consumer spending helped power growth in the final months of previous year, with GDP expanding by 0.6 per cent in the fourth quarter, in line with the second and third quarters.
On Tuesday, Yellen hinted more rate increases were on the way as the jobs market has improved and inflation has shown signs of nearing the Fed's 2 per cent goal. They previously rose by 21.1% and 9.8% respectively in the 12 months to December. The former is more important to family budgets with a weight in the CPI of 1.4 percent, while nonprescription drugs have a weight of less than 0.4 percent.
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.
Moreover, the department said, wholesale food prices were unchanged after climbing 0.5% in December.
Buffett's conglomerate nearly quadrupled its stake in Apple and increased holdings sevenfold in the four biggest U.S. airlines . Such increases often occur when investors perceive that Berkshire has given a company its imprimatur.
Serena first flashed a ring on that finger just days ago as she boarded a helicopter in New Zealand with her fiance. "Deep. It feels insulting, implying that I am somehow being taken advantage of, that I am not empowered in my own decisions.
A British woman who won the lottery at age 17 is considering legal action against the British lottery for "negligence". Before her lottery win, Park worked as an administrative temp for 8 pounds an hour, according to the Independent .
During one of his confirmation hearings, Puzder confirmed that he and his wife had employed an undocumented housekeeper for years. Many Democrats opposed Puzder's nomination over concerns about his views on overtime and his stance on the minimum wage.
His choice as leader of the legislative party looks natural since the idea now was to pit one Jayalalithaa loyalist with another. When a similar situation happened after the death of MGR in 1987, Palanisamy had sworn his allegiance to Jayalalithaa.
ZTE will reportedly announce its first gigabit LTE smartphone - fittingly - at Mobile World Congress (MWC) in Barcelona. Qualcomm unveiled its first 5G compatible modem - Snapdragon X50 - with gigabit LTE technology previous year .
Grassley announced Thursday that the confirmation hearings for Supreme Court nominee Judge Neil Gorsuch will begin March 20. Both Grassley and Senate Majority Leader Mitch McConnell, R-Ky., have said they hope to confirm Gorsuch in April.
Because we don't want to go one step forward and two steps back, which is what happens when you do a crash or extreme diet. Post pregnancy too, she didn't shy away from walking the ramp with all her glorious pregnancy weight.