U.K. inflation accelerated for the first time in four months in February as high food and energy prices hit consumers battered by the nation’s cost-of-living crisis.
Packs of tomatoes on display next to a sign advising that there is a shortage of them due to bad weather where they are grown, at a large supermarket in London, Tuesday, Feb. 28, 2023. Grocery price inflation has reached a record 17.1% to add a potential 811 to annual household shopping bills. This month marks a full year since monthly grocery inflation rose beyond 4% as consumers named it their second most important issue behind energy costs.
The figures increased pressure on the Bank of England to approve an 11th consecutive interest rate increase when it meets on Thursday, regardless of concerns about the economic impact of strains on the global banking system. Many economists now expect the central bank to boost its key bank rate by at least a quarter percentage point.
The inflation report highlights the pressures faced by British consumers who spent the winter with one eye on their thermostats and the other watching the steady rise of prices for staples such as milk, eggs and vegetables as the nation’s cost-of-living crisis triggered the biggest decline in living standards since the 1950s.
Food prices jumped 18% in the 12 months through February, compared with the 16.7% rate recorded the previous month.
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