UK inflation jumps to 10.4% for the first time, surprising analysts ...Middle East

Business Standard - Economy
source : Business Standard ( Middle East ) () 49
Britain's inflation rate rose for the first time in four months in February, surprising an analysts and increasing pressure on the Bank of England to raise interest rates at its meeting on Thursday. The consumer price index jumped to 10.4 per cent in the 12 months through February from 10.1 per cent the previous month, as high energy prices continued to squeeze household budgets, the Office for National Statistics said Wednesday. While economists expect prices to drop rapidly later this year, inflation is more than five times higher than the Bank of England's 2 per cent target. The central bank will weigh the need to control inflation against concerns about the fallout from global banking tr

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