UK inflation rate breaks 3-month stretch of declines with surprise rise to 10.4%
Publishing timestamp: 2023-03-22 08:43:29
Summary
U.K. inflation unexpectedly jumped in February, placing further pressure on households already contending with high food and energy bills, and workers across a range of sectors have launched mass strike action in recent months amid disputes over pay and conditions. The Bank of England has been hiking interest rates aggressively in a bid to rein in inflation, but the surprise increase in February marked a break from three consecutive months of slowing price increases since the 41-year high of 11.1% reached in October. The Bank of England Monetary Policy Committee will adjourn on Thursday to pronounce on interest rates, and while PwC still sees inflation falling throughout most of 2023 to finish much closer to the Bank's 2% target, the living standards squeeze is not over yet.
Sentiment: MIXED
Tickers: GBP=,
Keywords: breaking news: europe, markets, central banking, gbp/usd, business news, economy,