United Kingdom: Inflation comes in at highest level since December 2022 in February
Inflation ticked up to 10.4% in February, slightly above January’s 10.1% and exceeding market expectations. February’s figure represented the highest inflation rate since December 2022, and was driven by faster price rises for food and drink, and restaurants and hotels.
Annual average inflation rose to 9.8% in February (January: 9.4%). Meanwhile, core inflation rose to 6.2% in February, from the previous month’s 5.8% and expectations of a 5.7% reading.
Finally, consumer prices increased 1.14% in February over the previous month, contrasting the 0.56% fall recorded in January. February’s jump marked the highest reading since October 2022.