British consumer price inflation unexpectedly rose to 10.4% in February from January's 10.1%
Economists polled by Reuters had forecast that the annual CPI rate would drop to 9.9% in February from January's 10.1% and move further away from October's 41-year high of 11.1%.
Investors are split on whether it will pause its run of increases in borrowing costs because of the recent upheaval in the global banking sector. "Food and non-alcoholic drink prices rose to their highest rate in over 45 years with particular increases for some salad and vegetable items as high energy costs and bad weather across parts of Europe led to shortages and rationing," ONS chief economist Grant Fitzner said.
The annual inflation rate in the services sector, which most policymakers consider is a good measure of underlying price pressures in the economy, rose to 6.6% after standing at 6.0% in January.
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