This wasn’t part of the plan. Inflation rose to 10.4 per cent in February, up from 10.1 per cent the month before and well ahead of City expectations.
The acceleration is a result of ever higher food and non-alcoholic drink prices, which have reached their highest rate in more than 45 years. But more worryingly still, core inflation, which strips out more volatile goods such as food and energy, also rose.
