Breaking news: Cost of inflation rises again
The rate of inflation increased to 6.2% in February from 5.5% in January, the Office for National Statistics has said this morning.
Grant Fitzner, chief economist at the Office for National Statistics (ONS), said: “Inflation rose steeply in February as prices increased for a wide range of goods and services, for products as diverse as food to toys and games.
“Clothing and footwear saw a return to traditional February price rises after last year’s falls when many shops were closed.
“Furniture and flooring also contributed to the rise in inflation as prices started to recover following new year sales.
“The price of goods leaving UK factories has also been rising substantially and is now at its highest rate for 14 years.”