UK inflation has surged to a new 30-year record-high on rising energy costs, fuel bills, and food prices.
- Consumer prices jumped by 6.2% in the year to February, higher than 5.5% in January. That’s the highest inflation level since March 1992.
- On a monthly basis, CPI increased by 0.8%, the largest monthly CPI jump between January and February since 2009.
- Producer price inflation increased to 10.1% from the year to February, an increase from 9.9% in January.
- Petroleum product prices were 50% annually as chemical and pharmaceutical products were 17.9% higher and metal, machinery, and equipment increased by 13.8%.
Manufacturers are passing on rising costs of raw materials and components to the final consumers. Input prices rose by 14.7% in the last year, including rapid increases in crude oil, chemicals, metals, and food.
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Source: Office for National Statistics
