The figures from the Office for National Statistics were in line with economists’ expectations, as alcohol and air fares provided the largest upwards pressure.

RPI rose by slightly more than expected, up 3.3% in January from 3.1% in December. Economists had expected a 3.2% rise.

Those numbers helped settle currency markets which had experienced notable moves ahead of the report as investors sold down the pound.

Sterling fell below $1.56 for the first time since August 2012 in early trading, making it the worst performer of all major currencies, before moving back above that level following publication of the ONS data.

The Bank of England’s quarterly inflation report, released tomorrow, is likely to predict a further prolonged period of higher inflation.

The Bank said last week it could take two years before CPI inflation falls back below its 2% target.