"Rising prices and relatively stagnant incomes are a painful combination".
The Office for National Statistics (ONS) figure - which is a rise from the 1.6 per cent in December and the highest since June 2014's 1.9 per cent - was largely down to transport and fuel costs.
That however would be to discount the fact that inflation is often a lagging indicator, and that being so close to the target with rates so low and a relatively weak pound is actually pretty precarious.
Excluding oil prices and other volatile components such as food, core consumer price inflation held steady at 1.6 percent.
Hewson added that United States bond yields also jumped sharply across the curve with the 10-year yield hitting 2.5% for the first time since the beginning of the month, and before the weak wages data seen in the January employment report.
China's consumer inflation also increased more than expected to around three-year high, according to a data released on Tuesday.
Ballooning import prices triggered by the Brexit-hit pound were expected to bump up prices as companies pass on their soaring costs to consumers.
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Yes Bank expects WPI to trend up in the upcoming prints as adverse base effects, higher global commodity prices and uptick in economic activity impart an upside thrust.
The pound has fallen against a weakened dollar, as a jump in inflation to 1.8% in January fell short of investor expectations but took another step towards the Bank of England's 2% target.
The fact that Carney was cautious on the chances of inflation rising indicates that he doesn't see an imminent need for rates to rise from here.
The key question for investors is whether the fact that prices are rising faster than wages eventually leads to a fall in consumer spending.
Month-on-month, the HICP slid 0.8 percent at the start of the year, reversing a 1.0 percent increase in December.
In a further sign the inflation jump is not a blip, the People's Bank of China (PBOC) increased short-term interest rates last week to alleviate the possibility of overheating the economy.
The inflation rate for the "machinery and machine tools" group declined by 0.1 per cent due to lower prices of machine tools, pump and assembly and fibre optic cable.