The cost of living continued to increase last month, driven by higher prices for energy, fuel and food.
New figures from the Office for National Statistics (ONS) show that consumer prices rose by 6.2% in the 12 months to February — the fastest for 30 years and up from 5.5% in January.
The biggest contributors to growing inflation were increased energy bills and fuel prices. There were also sharp rises in clothing and footwear prices, and food inflation grew to 5.1%.
“Rising inflation remains a significant concern for the economy, squeezing household incomes and increasing cost pressures on retailers,” said Helen Dickinson, chief executive of the British Retail Consortium.
Dickinson added that although many supermarkets have expanded their value ranges, retailers are struggling to absorb higher costs and shop prices are likely to rise in the coming months.
More businesses are reporting that their costs have increased and they have raised their prices, the ONS said.
Prices of goods produced by UK factories rose by 10.1% in the year to February 2022 — the highest rate for 14 years.
The UK is not alone in experiencing high inflation in recent months, the ONS noted. Many of the current drivers of inflation, such as energy and fuel prices, are common across different countries.
UK inflation has been broadly in line with the EU average for the last year, while US inflation has risen considerably more quickly, reaching 8.1% in December 2021.
