UK inflation jumps to 2.3% in February – business live

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.

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