U.K. inflation unexpectedly jumped in February as food and energy bills continued to soar, placing further pressure on households.
British households continue to contend with high food and energy bills, while workers across a range of sectors have launched mass strike action in recent months.
The Consumer Prices Index including owner occupiers' housing costs rose by 9.2% in the 12 months to February 2023, up from 8.8% in January. Richard Carter, head of fixed interest research at Quilter Cheviot, said that the downward path for inflation will not be smooth, and suggested the Bank of England may be forced to continue increasing the bank rate beyond its current level of 4%.
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