THE UK’s rate of inflation has risen to 10.4% in February, the latest official figures show.
The rate rose by 0.3% in February, according to the Office for National Statistics (ONS).
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Higher household energy bills, and food and non-alcoholic beverages were the biggest driver of inflation last month.
the three months prior, inflation was steadily decreasing.
In January the rate fell to 10.1%.
What does it mean for my money?
Falling inflation indicates that the cost of goods and services are still rising but at a slower rate.
But prices are still higher than they were.
Food and drink prices rose by 16.9% in the 12 months to December 2022, up from 16.5% in November.
Experts believe the slowdown in the rate of inflation is unlikely to stop the Bank of England from hiking interest rates once more at its meeting in March.
The move will make the cost of borrowing, including loans, credit cards and mortgage repayments more expensive.
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In his Spring Budget …
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