Nudged up
Posted on 11 Jan 2021
UK consumer price inflation (CPI) rose to 2.8% in February, thanks to in part to rising energy prices, according to official figures from the Office for National Statistics (ONS), reports Harris & Co accountants Northampton.
Other upward price pressures came from recreational goods, such as cameras and computer games, the ONS said.
The headline rate of retail price index (RPI) inflation fell to 3.2% in February, from 3.3% in January,
The Bank of England"s inflation target for the CPI is 2%.
Before February, CPI inflation had been 2.7% for four months in a row.
The ONS said the largest upward contributions to the change in the CPI came from domestic fuel bill increases, which had been expected, as well as prices for cameras and games, where competition, which had been fierce, has abated.
