Inflation increased at its fastest pace in more than two years last month, mounting further pressure on the Bank of England to hike interest rates.
Office for National Statistics (ONS) figures show the UK Consumer Prices Index (CPI) annual rate of inflation has risen to 4.4%, up from 4% in January and more than double the Bank's target of 2%. The higher-than-expected increase comes just a day before George Osborne unveils his Budget and compares with a figure of 4.2% forecast by a 32-strong group of economists. It is also likely to increase the pressure on the BoE's Monetary Policy Meeting (MPC) to increase rates at its next meeting. The RPI inflation index jumped to 5.5%, up from 5.1% in January. The ONS said the main factors...
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