Mexican Media Brands
Inflation in U.K. Jumps to 2.3%
The annualized inflation rate in the U.K. surged to 2.3% last month from 1.8% in January, the Office for National Statistics reports.
#economics
Share
The annualized inflation rate in the U.K. surged to 2.3% last month from 1.8% in January, the Office for National Statistics reports.
More than one-third of the spike was caused by oil costs, which are priced in U.S. dollars against England’s weakening pound sterling. But food prices also climbed by 0.3 points, their first increase in nearly three years.
The Bank of England previously predicted inflation in the U.K. will peak at 2.8%. But BBC News says some economists believe the rate will top 3% by then. The central bank, which targets 2% growth, opted last week not to increase interest rates—a move that would help control inflation.
RELATED CONTENT
-
On The German Auto Industry
A look at several things that are going on in the German auto industry—from new vehicles to stamping to building electric vehicles.
-
Report Forecasts Huge Economic Upside for Self-Driving EVs
Widespread adoption of autonomous electric vehicles could provide $800 billion in annual social and economic benefits in the U.S. by 2050, according to a new report.
-
On Headlights, Tesla's Autopilot, VW's Electric Activities and More
Seeing better when driving at night, understanding the limits of “Autopilot,” Volkswagen’s electric activities, and more.