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| UK consumer inflation hits 2.5% | UK consumer inflation hits 2.5% |
| (10 minutes later) | |
| UK consumer inflation reached its highest level in nine months last month, due to a new method for calculating energy bills. | UK consumer inflation reached its highest level in nine months last month, due to a new method for calculating energy bills. |
| The Office for National Statistics said the Consumer Prices Index (CPI) hit 2.5% on an annual basis in February, up from 2.2% in January. | The Office for National Statistics said the Consumer Prices Index (CPI) hit 2.5% on an annual basis in February, up from 2.2% in January. |
| But without the change in methodology, the figure would have remained at 2.2%. | |
| Retail Prices Index inflation, which includes mortgage interest payments, remained the same at 4.1% last month. | Retail Prices Index inflation, which includes mortgage interest payments, remained the same at 4.1% last month. |
| But core inflation, which excludes oil and food, fell to 1.2% in February, the lowest level since August 2006. | But core inflation, which excludes oil and food, fell to 1.2% in February, the lowest level since August 2006. |
| The annual rate of 2.5% is above the government's target of 2% and highlights the challenge facing the Bank of England of tackling rising inflation as the economy slows. | The annual rate of 2.5% is above the government's target of 2% and highlights the challenge facing the Bank of England of tackling rising inflation as the economy slows. |
| Many analysts expect the bank to further cut interest rates before year end in a bid to boost the economy. | Many analysts expect the bank to further cut interest rates before year end in a bid to boost the economy. |