UK inflation rate rises to 10.4% in surprise reversal of recent trend
UK inflation unexpectedly jumped up in February to close to its highest level in 40 years amid ongoing pressure on households and businesses in the cost of living crisis.
The Office for National Statistics said annual inflation as measured by the consumer prices index stood at 10.4%, confounding City forecasts for a modest fall to 9.9%.
The latest figures are likely to add to pressure on the Bank of England to raise interest rates on Thursday, despite growing fears over the unfolding crisis of confidence in the global banking system after the failure of Silicon Valley Bank in the US earlier this month and the weekend rescue of the Swiss lender Credit Suisse.
Inflation had fallen for three consecutive months prior to February, cooling from a peak of 11.1% in October to reach 10.1% in January before last month’s unexpected reverse.
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Read more on theguardian.com
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