The February number was worse than expected.
Annual consumer price inflation rose to 5.6% in February from 5.3% in January, the second consecutive increase after two months of moderation at the end of 2023. This is the highest it’s been since October last year.
The February number was worse than expected. Economists polled by Reuters predicted that the consumer price index (CPI) would show inflation rising to 5.5%.
The latest inflation number is a further blow to interest rate cut hopes. The central bank’s Monetary Policy Committee (MPC) is due to meet next week and will announce its decision on interest rates on 27 March.
