. It showed a 2.1% increase in January, up from 2.0% in December, so it is already above the 2% target. This is lower than it should be since the ONS inexplicably has failed to include stamp duty in the RPI, which would push the inflation rate up further. An experimental ONS series for stamp duty shows an annual inflation rate of 4.4% for 2016Q3, up from 4.0% in 2016Q2.