These changes were not yet in effect for the January CPI, which rose by 0.2%-above the consensus expectation-on the back of rises in the fuel, housing, fresh fruit, food and transport components. The 12-month trailing rate of inflation in January was 3.6%, above the target rate of 1-3%. Even more worrying is the fact that the annualised trend rate for the three-month period of October 2010-January 2011 was 6.1%, both for the overall CPI and for the CPI net of its housing component.