UK inflation jumps to 10.4% in February
The inflation of the United Kingdom has jumped unexpectedly, in a blow to households.
Consumer prices rose by 10.4 per cent in February from the same time of last year, the Office for National Statistics (ONS) reports, up from 10.1 per cent in January.
The ONS says the largest upward contributions to inflation came from housing and household services (principally from electricity, gas, and other fuels), and food and non-alcoholic beverages.
Economists had forecast a drop to 9.9 per cent, so this is a surprise to the City.
This leaves inflation sharply higher than the Bank of England’s target of 2 per cent – giving policymakers something to ponder before they set UK interest rates tomorrow.
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