UK Inflation Soars to 29-Year High, Producer Inflation to 13-Year High in February

Source: Office for National Statistics

Consumer prices in the United Kingdom grew by a 29-year high, and producer prices by a 13-year high in February. EWU is down 0.47% premarket.

• Consumer prices rose by 6.2%, faster than the 5.5% in January and the 0.4% recorded in the same month last year.
• The latest reading is the fastest annual inflation since March 1992 when it stood at 7.1%.
• The acceleration was driven mainly by a mix of recreational and cultural goods and services and clothing and footwear.
• Inflation grew by 0.1% to 0.8% from January, the biggest monthly increase between the two months since 2009.
• Producer inflation jumped by 0.2 percentage points to 10.1% in February versus 9.9% in January and 1.0% in February 2021.
• The latest reading is the fastest in 13 years since September 2008.
• Nine of the 10 product groups recorded upward movement, led mainly by foods products which grew 2.37 percentage points to 6.2%.