Inflation has risen to 10.4%, but what does it mean for you?
It comes as inflation rate increased to 10.4 per cent in February, with the 'salad crisis' helping push up prices to the highest rate recored in 45 years. The increase represents an increased of 0.3 per cent, with inflation accelerating from 10.1 per cent to 10.4 per cent last month.
What is inflation? When it comes to the economy, inflation is the in which the price of goods and services increase over time.However, inflation can also be more narrowly calculated by analysing certain good or types of services - for example the cost fo good or the price a haircut.Inflation is most commonly measured in years, so the cost of things will be compared to 12 months previous.
Core inflation - the rate of inflation that strips out volatile items such as food an energy - also increased in February. The rate now stands at 6.2 percent, up from 5.8 per cent despite experts expecting a slowdown to 5.7 per cent.
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Inflation in surprise jump to 10.4% in FebruaryThe cost of living unexpectedly rises driven by sharp rises in food prices, official figures show.
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UK inflation unexpectedly jumps to 10.4% in February\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t
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Inflation unexpectedly leaps to 10.4% after food and drink prices rise to highest level in 45 yearsThe rate of inflation rose to 10.4% in February from 10.1% in January, the Office for National Statistics said.
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Inflation unexpectedly leaps to 10.4% after food prices rise to highest level in 45 yearsThe rate of inflation rose to 10.4% in February from 10.1% in January, the Office for National Statistics said.
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UK inflation shoots up unexpectedly as vegetable shortages push up food pricesUK inflation shot up unexpectedly last month as vegetable shortages pushed food prices to their highest rate in more than 45 years, according to official figures.
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Energy bill help drives UK borrowing to February recordThe government borrowed its highest amount of any February to fund support for energy bills.
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