Inflation in Britain have shot up faster than expected last month underscoring new fresh 30-year high.
The Office for National Statistics said consumer prices rose by 6.2% in February after a 5.5% rise in January, its highest rate since March 1992. Reuters pool of economists had median forecasts of 5.9%.
The ONS noted the main contributed toward higher inflation was due to energy bills up by almost 25% a year again along petrol prices among other main drivers of red hot inflation figure.
The inflation numbers would push Bank of England to push rates further, according to Yael Selfin, chief economist at KPMG UK, as reported by Reuters.
“Provided inflation expectations can be managed and global commodity prices stabilise by next year, we should see inflation returning to the Bank of England’s 2% target by mid-2024,” Selfin said.
“This may require fewer rate rises than markets currently anticipate.”
The ONS said consumer prices rose by 0.8% in month-on-month terms, marking the biggest February rise since 2009.
