UK inflation continues to climb to highest rate in 30 years

6.2% in February

UK inflation rose above expectations to 6.2% in February from 5.5% in January, reaching the highest rate since March 1992.

The Office for National Statistics report stated that on a monthly basis, CPI inflation rose 0.8%, exceeding expectations for a 0.6% rise and representing the largest monthly CPI increase between January and February since 2009. The largest changes came from an 11.5% increase in transport, where fuel prices have continued to rise, and in the housing and household services section because of significantly higher gas and electricity bills. Electricity, gas and other fuels rose 23.1% from a year ago, with data yet to come with full information about the effects of the Russian invasion of...