Business News Asia
The U.K. consumer price index (CPI) for February is above the 30-year high of 5.5% in January.
The CPI rose by 6.2% in February compared with a year earlier. This was the highest level since March 1992, as food and energy prices continued to rise, pushing up the cost of living in the country.
On a monthly basis, the CPI increased by 0.8%.
The Bank of England (BoE) has raised interest rates at three consecutive monetary policy meetings in an effort to curb inflation.
Geopolitical problems such as the situation in Ukraine will cause inflation rates to rise further in the future, as the supply of raw materials is extremely tight. In addition, prices for energy products have risen sharply worldwide, especially for crude oil and gas.
The inflation figures from February do not yet include price increases due to the Ukraine conflict. This will have an impact on future price developments.