By Staff, Agencies The United Kingdom’s annual inflation rate rose to 6.2% in February and now stands at its highest level in three decades. Figures from the Office for National Statistics showed a jump in the government’s preferred measure of the cost of living from 5.5% in January.

The February inflation figure for the consumer prices index was higher than the 5.9% predicted by a Reuters’ poll of economists.

Further increases in the annual inflation rate are expected as higher motoring costs triggered by Russia’s invasion of Ukraine and April’s increase in domestic energy prices take effect.

The Bank of England said last week it expected inflation to be about 8% in April with the risk of a double digit increase in autumn if there is another sharp increase in the energy price cap

Original Article Source: Al Ahed News | Published on Wednesday, 23 March 2022 07:56 (about 626 days ago)