The consumer prices index rose to the highest level in almost three-and-a-half years in February as the sharp fall in the pound since the Brexit vote feeds through to higher prices
Breaking: UK inflation rose to 2.3% in February from 1.8% in January. Food and fuel prices were the main drivers.
It’s a bigger-than-expected rise after economists forecast 2.1%, and the highest level since September 2013.
The pound is up 0.5% against the dollar, at $1.2412.
The annual inflation rate is expected to rise to a three-year high of 2.1% in February from 1.8% in January, which in theory raises the prospect of an interest rate hike.