Rising costs throughout the board despatched UK inflation hovering larger in February as the price of residing disaster intensified, in response to official figures.
The Workplace for Nationwide Statistics (ONS) mentioned Client Costs Index (CPI) inflation rose to six.2% in February, up from 5.5% in January and once more reaching the very best stage since March 1992, when it stood at 7.1%.
The rise was larger than anticipated and comes after costs lifted throughout meals, clothes and footwear and a spread of services and products.
The ONS mentioned inflation rose throughout 10 out of the 12 classes that feed into the index, with solely communication and training not seeing will increase.
It comes after the Financial institution of England final week raised rates of interest as soon as once more, to 0.75% from 0.5%, and warned inflation will now peak at round 8% in April - and will hit double-digits if wholesale vitality costs proceed to soar amid the Ukraine warfare.
In April, Ofgem will hike the vitality worth cap by 54% and given the affect of Ukraine on fuel costs, an extra improve is predicted in October, presumably by as a lot as one other 50%.
Grant Fitzner, chief economist on the ONS, mentioned: "Inflation rose steeply in February as costs elevated for a variety of products and companies, for merchandise as numerous as meals to toys and video games.
"Clothes and footwear noticed a return to conventional February worth rises after final yr's falls when many outlets had been closed.
"Furnishings and flooring additionally contributed to the rise in inflation as costs began to recuperate following new yr gross sales.
"The value of products leaving UK factories has additionally been rising considerably and is now at its highest fee for 14 years."
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