UK Inflation rises to 10.4% in February 2023
There is again a rise in the inflation rate in the United Kingdom. U.K. inflation (CPI) hit 10.4 percent in February, while it was 10.1 percent in January. It is 0.5 points higher than the percentage scientists expected. And for the seventh time, the measure of inflation has been in double digits.
The rate has been going down each month since November 2022, but a jump of 0.3 percent in February came as somewhat of a shock. According to the reports, food items and drinks prices have risen the fastest since 1977. Data shows the Bank of England expects to raise rates by 25 bps to 4.25 percent.
The rise in inflation was in contrast to the fall of the U.S. CPI rate 6 percent in the 12 months up to February. The report says the inflation in the Eurozone also eased in the last month to 8.5 percent, but underlying price growth continued to move ahead with acceleration.
The survey reports project that the inflation for food and non-alcoholic drinks rose up to 18 percent. It is the highest after 1977, reflecting cold weather in northern Africa and southern Europe and reducing greenhouse production in northern Europe, which faced high energy bills. The reports by ONS also say, "the reflected price rises were mainly in the hotels and restaurants, food and non-alcoholic beverages, and footwear and clothing divisions. Partially these were the downward effects of culture, recreation, and motor fuels.
