Inflation in the UK continued its 30-year high in January.

Inflation in the country maintained its high course in January as well. This has also increased expectations that the Bank of England will raise interest rates more aggressively.

Annual inflation reached 5.5 percent, the highest in 30 years. Economists and the Central Bank had expected inflation to remain unchanged at 5.4 percent. Inflation rose 0.1 percent on a monthly basis. Core inflation also rose to 4.4 percent.

After the data, which was above the expectations, the possibility of the Central Bank to increase the interest rate by 50 basis points in the next month has also increased. In the next two meetings, a 50 basis point increase is expected.

The Central Bank expects inflation to peak at 7.25 percent in April, along with the hikes in electricity bills. This is well above the bank’s 2 percent target. The bank had increased interest rates for the first time in a row since 2004 due to inflation exceeding the target.