Rising energy prices have driven an increase in UK inflation, it has been announced today ,as the Consumer Price Index (CPI) grew by 2.8 per cent in the year to February 2013.
Representing a 0.1 per cent rise on January’s figure, the change in inflation follows four consecutive months when it stood at 2.7 per cent, according to the Office for National Statistics, while it increased by 0.7 per cent between January and February this year.
Price changes to recreational goods and motor fuels also affected the figure, while primary downward contributions were the result of smaller price increases across food and soft drinks compared with last year while the price of alcohol fell compared with prices hikes in 2012.
Today’s figures are higher than the Government’s two per cent target and are likely to put added pressure on Chancellor George Osborne when he delivers his Budget tomorrow.
However, the Bank of England’s governor Sir Mervyn King announced last month that inflation in the UK will remain above target for longer than expected, warning: “This hasn’t been a normal recession and it won’t be a normal recovery,” BBC News reported.
Meanwhile, the Retail Price Index (RPI) 12-month rate for last month stood at 3.2 per cent, down 0.1 per cent on January.