UK inflation rate leaps to 2.3%
Rising fuel and food prices helped to push last month’s inflation rate to the highest since September 2013.
Inflation as measured by the Office for National Statistics’ Consumer Prices Index (CPI) jumped to 2.3% in February – up from 1.8% in January.
The increase has pushed the rate above the Bank of England’s 2% target.
Food prices recorded their first annual increase for more than two-and-a-half years, standing 0.3% higher in February than a year earlier.
The Bank of England has said it expects inflation will peak at 2.8% next year, although some economists think the rate could rise above 3%.
The above article is curtesy of the BBC. Their full article can be read by visiting the following the below link;
http://www.bbc.com/news/business-39337909
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