The U.K. inflation rate rose by 6.2% in the 12 months to February. It is the biggest increase in more than 30 years
The surge in inflation has been driven by soaring global prices for energy, petrol, food and durable goods
The ONS said the biggest factors driving the latest increase in the monthly rate came from transport, furniture and household goods.
Helen Dickinson, Chief Executive of the British Retail Consortium, said:
“Rising inflation remains a significant concern for the economy, squeezing household incomes and increasing cost pressures on retailers. For the second month in a row, Transport saw the highest rate of inflation this month, while food inflation rose slower than the headline rate. The BRC’s Shop Price Index, which tracks the price of basic goods, showed an even smaller price rise in food, suggesting that retailers are successfully managing to limit cost increases for many essential groceries. Many supermarkets have expanded their value ranges to support individuals and households on lower incomes. Nonetheless, with retailers struggling to absorb these higher costs, shop prices look set to rise in the coming months.
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