Inflation has jumped up to 2.3% in February from 1.8% in January according to the Office for National Statistics’ Consumer Prices Index (CPI). Rising fuel and food prices have been cited as the reason for the rise in inflation. Food prices are 0.3% higher in February than a year ago. The Bank of England just last week held interest rates at 0.25% in a monetary policy committee vote that wasn’t unanimous with Kristin Forbes raising concerns over rising inflation. At this point

UK interest rates have been held at 0.25% for another month having been reduced from 0.5% in August 2016. The decision wasn't completely straight forward with one of the nine Monetary Policy Committee (MPC) members, Kristin Forbes, voting to raise rates. It was the first time since July last year that the vote hasn't been unanimous. Kristin Forbes' expression of concern about inflation has led analysts to admit that the Bank of England could be closer to raising interest rate

Budget Statement 8th March 2017. Don't get left in the dark! Find out what it means to your business now...