UK inflation unexpectedly increased to 10.4% in February after three months of decline, increasing pressure on the Bank of England to plough ahead with interest rates rises.
The consumer price index grew from 10.1% in January, while the consumer price index including owner occupiers' housing costs (CIPH) rose to 9.2% in February, up from 8.8% a month prior, according to data from the Office for National Statistics. The ONS said the increases were largely attributed to rises in housing and household services - in particular fuel, gas and electricity prices - as well as food and non-alcoholic beverages. Housing costs accounted for 16% of the CPIH and are the "main drivers for differences between the CPIH and CPI", the ONS added. BofA: Recession fears pic...
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