- Associated Press - Wednesday, March 20, 2019

LONDON (AP) - Official figures show that inflation edged higher in February but remains slightly below the Bank of England’s target.

The Office for National Statistics said Wednesday that consumer prices were 1.9 percent higher in the year to February, up from the 1.8 percent rate recorded in January.

Rising food, alcohol and tobacco prices were partly behind the increase in inflation, which remains just below the Bank’s target of 2 percent.

On Thursday, the Bank of England’s rate-setters are set to keep the main interest rate on hold at 0.75 percent amid rising uncertainty over Britain’s departure from the European Union, which is scheduled for March 29. Prime Minister Theresa May has said she is seeking an extension to the Brexit date from EU leaders, meaning uncertainty is set to persist.

Sign up for Daily Newsletters

Manage Newsletters

Copyright © 2019 The Washington Times, LLC.

Please read our comment policy before commenting.

 

Click to Read More and View Comments

Click to Hide