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UK inflation unexpectedly accelerated in February, including to stress on the Financial institution of England to lift rates of interest once more at its assembly on Thursday.
The annual fee of shopper value inflation rose to 10.4 per cent in February, the Workplace for Nationwide Statistics stated on Wednesday. That was up from 10.1 per cent in January and better than the 9.9 per cent forecast by the Financial institution of England and economists polled by Reuters.
Core inflation, which strips out risky meals, vitality, alcohol and tobacco costs, additionally rose sharply to six.2 per cent in February, up from 5.8 per cent the earlier month. That exceeded economists’ expectations of a slowdown to five.7 per cent.
Chancellor Jeremy Hunt stated: “Falling inflation isn’t inevitable, so we have to follow our plan to halve it this yr.”
Monetary markets have priced in a 62 per cent likelihood that the Financial institution of England will increase charges by 25 foundation factors on Thursday.
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