Rate of inflation jumped to 10.4%

22 March 2023

The UK’s rate of inflation rose unexpectedly in February 2023, data from the Office for National Statistics (ONS) has revealed.

Inflation increased to 10.4% in February, up from its rate of 10.1% in January. The ONS said the rise was partly driven by shortages of salad items and vegetables.

These shortages helped to push food prices to their highest rates in over 45 years, the data found and were also exacerbated by high energy prices in the UK impacting domestic suppliers.

The latest inflation data comes ahead of a Bank of England decision on interest rates, set to be announced on Thursday.

Commenting on the figures, Grant Fitzner, Chief Economist at the ONS, said: ‘Food and non-alcoholic drink prices rose to their highest rate in over 45 years with particular increases for some salad and vegetable items as high energy costs and bad weather across parts of Europe led to shortages and rationing.’