UK Inflation Jumps During February

UK inflation rose to 3% during February, taking it to its highest level since May 1998, according to the latest figures from the Office Of National Statistics (ONS).

The underlying rate, which excludes mortgage interest payments, was pushed up from January’s figure of 2.7% by the rising cost of clothes and shoes.

The headline rate of inflation also rose to 3.2% during February, up from 2.7% in January. This is the fourth month is a row that inflation has remained above the Government’s target of 2.5%.

The retail prices index for February was 170.6.

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