Annual inflation in the UK has reached its highest since 1992

According to the report of the National Statistical Service of the United Kingdom, the consumer price index in February in the UK showed an increase of 6.2% compared with 5.5% in the previous month. This was the highest figure in the last 30 years. On a monthly basis, consumer prices rose by 0.8% after falling by 0.1% in January.

Analysts expected annual inflation to accelerate to 5.9%, and monthly consumer prices were expected to rise by 0.6%. 

At the same time, the CPIH index (inflation taking into account homeowners' expenses for housing maintenance) was 5.5% after 4.9% a month earlier. In February, prices for this index increased by 0.7%.

Analysts believe that the growth of the consumer price index in Britain may even be above 10%, given the continuing rise in gasoline prices in the country due to anti-Russian sanctions imposed as a result of the events in Ukraine. Last week, amid increasing geopolitical tensions in the world, the Bank of England raised its base interest rate to 0.75% from 0.5% for the second time since February. Then the regulator warned that inflation could reach 8% in April.