UK inflation hits 30-year excessive of 6.2% as Rishi Sunak readies response

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The Workplace for Nationwide Statistics highlighted family power payments and petrol as the largest drivers of inflation in February.

British inflation hit a 30-year excessive of 6.2% final month, on the prime finish of expectations amongst analysts, in response to knowledge revealed on Wednesday hours earlier than finance minister Rishi Sunak broadcasts how he’ll assist ease a cost-of-living disaster.

The median forecast in a Reuters ballot of economists had pointed to a studying of 5.9%. Solely three of the 39 respondents had anticipated such a powerful studying. The Workplace for Nationwide Statistics highlighted family power payments and petrol as the largest drivers of inflation in February.

The ONS stated client costs rose by 0.8% in month-on-month phrases, marking the largest February rise since 2009. Final week, the Financial institution of England raised its forecast for inflation to peak above 8% – greater than 4 occasions its goal – throughout the April-June interval. Regulated family power payments leap by greater than half subsequent month.

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