Inflation leaps above 2% mark
UK inflation rose above the Bank of England’s 2% target in February for the first time since 2013.
Inflation increased from 1.8% in January to 2.3% in February, with rising fuel transport costs and food prices causing the increase.
The Bank of England has predicted inflation peaking at 2.8% next year, as last June’s Brexit vote has made imported goods more expensive due to the weaker pound.
The increase means wages are no longer keeping up with the cost of living.