UK Feb CPI jumps beyond expectations, highest since September 2013
The UK consumer prices extend its bullish momentum in February, arriving at 2.3% versus January’s +1.9%, much stronger than a 2.1% rise expected, the Office for National Statistics (ONS) revealed on Tuesday.
While the core inflation gauge also jumped in Feb, coming in at +2.0 y/y. Markets had predicted the core figures to show an increase of +1.8%.
On monthly basis, the UK inflation figures returned to positive territory, coming in at 0.8% last month, as compared to -1.0% previous and expectations of +0.5%.
ONS reports, “Rising transport costs, particularly for fuel, were the main contributors to the increase in the rate. Prices for food increased by 0.3% between February 2016 and February 2017, following 31 consecutive months of prices falling on the year.”
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
