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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.
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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.
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