UK inflation jumps to 10.4% in February

The rate of inflation increased in February following two months of falls, increasing pressure on households and the Bank of England ahead of its interest rate meeting tomorrow.

woman with shopping basket
(Image credit: © Getty Images)

UK inflation jumped unexpectedly in February, placing fresh pressure on the Bank of England (BoE) to raise interest rates at its meeting tomorrow.

Data from the Office for National Statistics showed consumer prices index (CPI) rose by 10.4% in the 12 months to February 2023, up from 10.1% in January following two consecutive months of declines.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
Explore More

Nic studied for a BA in journalism at Cardiff University, and has an MA in magazine journalism from City University. She has previously worked for MoneyWeek.