UK inflation unexpectedly jumps to 10.4 pct: ONS

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UK inflation unexpectedly jumps to 10.4 pct: ONS

STORY: UK inflation unexpectedly jumps to 10.4 pct: ONS DATELINE: March 23, 2023 LENGTH: 00:03:40 LOCATION: London CATEGORY: ECONOMY SHOTLIST: 1. various of supermarket and farm market in London STORYLINE: The United Kingdom's (UK) consumer price index (CPI) rose to 10.4 percent in the 12 months to February 2023 from 10.1 percent in January, the Office for National Statistics (ONS) said on Wednesday. The 10.4 percent rise was higher than the 9.9 percent forecast by economists polled by Reuters, dampening expectations for a marked drop in inflation. Inflation had been falling from the 41-year-high of 11.1 percent in October 2022 for three months. Commenting on the CPI figures, ONS chief economist Grant Fitzner said that inflation was mainly driven by "rising alcohol prices in pubs and restaurants following discounting in January." "Food and non-alcoholic drink prices rose to their highest level in over 45 years with particular increases for some salad and vegetable items as high energy costs and

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