The UK’s consumer price index (CPI) inflation rate for February was found to have reached double digits, exceeding market expectations.
The UK Office for National Statistics announced on the 22nd that the February CPI rose by 10.4% compared to the same period last year. This surpassed the Bank of England and economists’ forecasts, which had anticipated a slowdown in the CPI inflation rate to 9.9%.
The UK’s CPI inflation rate had been declining for three consecutive months, from 11.1% in October last year to 10.1% in January this year, but it turned upward again to 10.4% last month.
The rise in the UK’s CPI inflation rate was largely influenced by food prices. According to the UK Office for National Statistics, the inflation rate for food and non-alcoholic beverages reached 18%, the highest level since 1977. Core inflation, which excludes food and energy, also exceeded expectations at 6.2%.
Meanwhile, major foreign media outlets reported that the Bank of England (BOE) is expected to raise the base interest rate by 25 basis points (1bp=0.01%) on the 23rd, marking the 11th consecutive rate hike in the financial market.
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