Prices rose across the UK economy at the fastest rate in 30 years in the year to February, intensifying a cost-of-living crisis in the country.
Year-on-year consumer price index inflation hit 6.2% in February, the Office for National Statistics said Wednesday, the highest level since 1992. The reading was up from 5.5% in January, and above economists’ expectations of 6%.
“Inflation rose steeply in February as prices increased for a wide range of goods and services, for products as diverse as food to toys and games,” Grant Fitzner, chief economist at the ONS, said.
The jump in inflation adds to the chances that the Bank of England will hike interest rates again at its next meeting on May 5. It has already raised them for three meetings in a row, taking the main rate from a record low of 0.1% to 0.75%.
U.K. CPI YoY%: pic.twitter.com/Uq6QFKM0Ds
— Michael McDonough (@M_McDonough) March 23, 2022
This chart shows how much food and clothing costs are going up in the U.K. t.co/TcUZLvxQjL
— Bloomberg Markets (@markets) March 23, 2022
BBG: UK CUTS 2022 GDP FORECAST TO 3.8% FROM 6% -SUNAK
— 🅰🅻🅴🆂🆂🅸🅾 (@AlessioUrban) March 23, 2022
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