Home Economic Times UK inflation: UK inflation jumps once more, hits new 30-year excessive of 6.2%

UK inflation: UK inflation jumps once more, hits new 30-year excessive of 6.2%

UK inflation: UK inflation jumps once more, hits new 30-year excessive of 6.2%

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British inflation hit a 30-year excessive of 6.2% final month, on the high finish of expectations amongst analysts, in accordance with knowledge printed on Wednesday hours earlier than finance minister Rishi Sunak declares how he’ll assist ease a cost-of-living disaster.

The median forecast in a Reuters ballot of economists had pointed to a studying of 5.9%. Solely three of the 39 respondents had anticipated such a powerful studying.

The Workplace for Nationwide Statistics highlighted family power payments and petrol as the largest drivers of inflation in February.

The ONS mentioned shopper costs rose by 0.8% in month-on-month phrases, marking the largest February rise since 2009.

Final week, the Financial institution of England raised its forecast for inflation to peak above 8% – greater than 4 occasions its goal – throughout the April-June interval. Regulated family power payments soar by greater than half subsequent month.

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