UK inflation hits fresh multi-decade high of 6.2% on surging energy prices
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LIVERPOOL UNITED KINGDOM JANUARY 23, 2009: Shoppers walk through Liverpool’s city center on the 23rd of January 2009. This is the date that Britain enters a recession. Today’s figures confirm the UK officially enters recession. This is the result of two quarters in which the GDP dropped in successive quarters.
Christopher Furlong/Getty Images.
LONDON — U.K. inflation came in at an annual 6.2% in February, its highest since March 1992, as soaring food and energy costs continue to deepen the country’s cost of living crisis.
Refinitiv polled economists and found that February’s Consumer Price Index was higher than expected. It is 5.9% annually.astly outstripped January’s previous 30-year high of 5.5%.
CPI inflation rose 0.8% monthly, which was higher than the 0.6% expected.
It Bank of EnglandIt has increased interest rates in three consecutive meetings of its Monetary Policy Committee. This is to control runaway inflation and not stomp out economic growth.
It Monetary Policy Committee delivered a more dovish toneThe market expected more than was actually possible last week. This highlights the pinch on household incomes due to a sharp increase in commodity prices after Russia invaded Ukraine.
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