The rate of Consumer Prices Index inflation rose to 10.4% in February from 10.1% in January, the Office for National Statistics have said this morning
The news has confounded experts who were expecting a fall in the rate
The largest upward contributions to the annual CPIH inflation rate in February 2023 came from housing and household services (principally from electricity, gas, and other fuels), and food and non-alcoholic beverages said the ONS
Food inflation now stands at 18 per cent contributing 2 per cent to the overall figure with vegetable shortages pushing food prices to their highest rate in more than 45 years,
Responding to new monthly inflation figures that remain persistently high, JRF senior economist Rachelle Earwaker, said:
“With today’s rise, the rate of inflation has been over 10% for six months in a row.
“Many will simply not have the resources to bear another shock like this. To put this in context, we found that nine in ten families on Universal Credit said they couldn’t afford the essentials in October last year. Since then, inflation has been in double digits for a further five months, with the cost of essentials like food, clothing and utilities soaring.
” According to today’s data, food prices have risen by 18% in the year to February – their highest rate in over 45 years – and clothes and footwear have risen by 8.1%.
“These should be flashing warning signs to the Government that tinkering with policies won’t be enough to head off the many escalating crises facing people on low incomes. A much more fundamental shift in our economic and political system is needed to provide the good jobs, social security system and homes we deserve.”
Shadow Chancellor Rachel Reeves tweeted
“This underlines yet again how 13 years of Tory government has left families worse off.Prices are up and taxes on working people rising, yet the government are choosing to hand £1 billion to the top 1%.”
