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UK inflation hits fresh multi-decade high of 6.2% on surging energy prices

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LIVERPOOL, UNITED KINGDOM – JANUARY 23: On the day that Britain officially enters a recession shoppers walk through Liverpool city centre on January 23, 2009 in Liverpool, United Kingdom. Figures announced today confirm that the UK is officially in a recession for the first time since the early 1990s after GDP fell in two successive quarters of 2008.
Photo by Christopher Furlong/Getty Images

LONDON — U.K. inflation came in at an annual 6.2% in February, its highest since March 1992, as soaring food and energy costs continue to deepen the country’s cost of living crisis.

February’s Consumer Price Index print was above consensus expectations among economists polled by Refinitiv for a 5.9% annual figure, and vastly outstripped January’s previous 30-year high of 5.5%.

On a monthly basis, CPI inflation was 0.8%, exceeding expectations for a 0.6% rise.

The Bank of England has hiked interest rates at three consecutive monetary policy meetings as it looks to contain runaway inflation without stomping out economic growth.

The Monetary Policy Committee delivered a more dovish tone than expected by the market last week, highlighting the squeeze on household incomes amid a sharp rise in commodity prices following Russia’s invasion of Ukraine.

Putin’s Ukraine invasion is turning into a ‘grinding war’ where nobody wins

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