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emfizz.com March 23, 2017


Inflation in the United Kingdom continues to soar, hitting 2.3% in February

21 March 2017, 11:54 | Terri Saunders

BloombergThe pound dipped after the confirmation of Article 50 being triggered

BloombergThe pound dipped after the confirmation of Article 50 being triggered

Consumer price inflation (CPI), which has been the main measure of price rises since 2003, rose at an annual rate of 2.3 per cent in February, up from 1.8 per cent in January, according to the ONS.

The figure will put pressure on the Bank's Monetary Policy Committee to hike interest rates beyond 0.25% this year.

However, average prices at food stores have seen their largest increase since April 2013, rising 0.5% in January, the Office for National Statistics said.

Meanwhile, food prices had a small upward effect on inflation for the first time since 2014.

United Kingdom inflation surged once again in February, hitting 2.3% and passing the Bank of England's 2% for the first time in more than three years, according to the latest data released by the Office for National Statistics on Tuesday.

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'The weakness of the pound following the Brexit vote, combined with higher oil prices, is fuelling the price growth, which is beginning to be felt by many people around the country'.

Analysts are looking for a reading of 2.1% to be released, a notable increase on the previous month's 1.8%.

Economists had expected CPI inflation of 2.1% for February.

At 2% the Bank of England's inflation target will have been breached after year's of low inflation.

While CPIH will not measure house prices or mortgage payments, it will estimate how much a homeowner would pay to rent their home and will also include council tax.



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