Economics
U.K. Inflation Gains More Than Forecast, Breaching BOE Goal
- Consumer-price growth accelerates to 2.3%, fastest since 2013
- ONS data also showed that food-price deflation at an end
U.K. Inflation Breaks Through BOE Target at 2.3%
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U.K. inflation accelerated more than economists forecast in February, breaking through the Bank of England’s target for the first time in more than three years.
The 2.3 percent increase in the consumer prices index was the fastest since September 2013 and above the median prediction for 2.1 percent. The rate is up from just 0.3 percent a year ago, reflecting sterling’s 17 percent drop since the Brexit vote in June, as well as an increase in oil prices.