Inflation surges to 2.3% - highest level since September 2013

The jump in the consumer prices index takes inflation above the Bank of England's 2% target and is above the 2.1% reading investors had been expecting. That was actually a bigger rise than economists polled before the release expected. Food prices rose 0.3pc last month having fallen consistently for the past two and a half years.

However, average prices at food stores have seen their largest increase since April 2013, rising 0.5% in January, the Office for National Statistics said.

ONS also reported the new measure of CPIH, which includes housing, also rose to 2.3% from 1.9%, beating the forecast for 2.2%.

"Typically higher inflation has been bearish sterling to the extent that it pushes United Kingdom real yields lower", said Sam Lynton-Brown, currency strategist at BNP Paribas. "Fuel prices tend to reflect movements in global oil prices and part of the increase in oil prices during 2016 to date can be explained by depreciation of sterling against the United States dollar".

Le Pen under attack in first French presidential debate
The TV debate was the top trending topic on Twitter in France on Monday before it even started. The first-round vote is set for April 23; the top two candidates go to a runoff May 7.

Prices started to pick up following the Bank of England's decision to cut interest rates in the aftermath of the UK's vote to leave the European Union, and the fall in the value of the pound.

Food is becoming more expensive as producers begin to pass down soaring import costs triggered by the pound's slump since the European Union referendum result.

"As the committee has previously noted, there are limits to the extent that above-target inflation can be tolerated", the Bank said.

The UK gilts slid Monday, following expectations of a rebound in the country's consumer price inflation (CPI) for the month of February.

Recommended News

  • 'Sesame Street' Adds A Muppet With Autism To Its Roster

    She has already appeared in Sesame Street cartoons and books, but this will be her first appearance on the famous children's show. Another challenge for TV and movie creators is understanding the broad spectrum of severity within an autism diagnosis.

    Former Female Student Making Allegations Against Gorsuch Has Ties to Obama, Democrats

    For months previous year , Republicans refused to consider then Democratic President Barack Obama's pick to fill the seat. He contends that's important for Arizona where more than 81 percent of the land is controlled by the federal government.
    Iraqi prime minister joins Trump for meeting focusing on IS

    Iraqi prime minister joins Trump for meeting focusing on IS

    The US official said Trump asked Tillerson to get greater clarity on vetting measures in Iraq. "We will figure something out". He said the Iraqi forces working with allies and supported by American airpower are on the brink of fully liberating Mosul.
  • Trump's Big Cuts to Medical Research May Not Get Past Congress

    Trump's Big Cuts to Medical Research May Not Get Past Congress

    And it calls for eliminating or slashing spending on other research programs at many other federal agencies. NIH officials declined to comment on Trump's budget blueprint, but its parent agency, the U.S.
    Stock's Buzzers: Top Ships Inc. (TOPS), Esperion Therapeutics, Inc. (ESPR)

    Stock's Buzzers: Top Ships Inc. (TOPS), Esperion Therapeutics, Inc. (ESPR)

    The biopharmaceutical company reported ($0.65) EPS for the quarter, missing analysts' consensus estimates of ($0.61) by $0.04. Esperion Therapeutics (NASDAQ:ESPR) last announced its quarterly earnings results on Wednesday, February 22nd.

    Auto bomb attack kills at least 23, injures dozens in Iraq's capital

    The attack targeted a commercial area in Baghdad's southwestern Amil neighborhood, police and hospital officials said. The militants have carried out similar bombings in Baghdad and other cities as their hold on Mosul weakens.
  • Why You Won't Learn Much From Neil Gorsuch's Confirmation Hearing

    Iowa Republican Senator Chuck Grassley is the chair of the Senate Judiciary Committee which is conducting the nomination hearing. The judiciary committee has 11 Republicans and nine Democrats, and the GOP has a 52-48 advantage in the Senate as a whole.
    March Madness: How many perfect brackets remain heading into the Sweet 16?

    March Madness: How many perfect brackets remain heading into the Sweet 16?

    Now the season is over, and it comes to a SC team that had not won an NCAA tournament game in 44 years before this season. SC goes on to meet third-seeded Baylor in the East Region semifinals Friday night at New York's Madison Square Garden.

    Apple Online Store will be offline tonight as it is 'being updated'

    The analysts said Apple would most-likely debut its latest product refresh between Monday March 20th and Friday March 24th 2017. Notably, recent reports have suggested that Apple may release a new 9.7-inch iPad Pro without a special event.
  • Syracuse Blows Out Iowa State

    Syracuse Blows Out Iowa State

    Syracuse held close with the Huskies out of the gate-it was still a two-point game with just under six minutes left in the half. Ruthy Hebard had 20 points and 15 rebounds, and OR earned its first Sweet 16 berth by upsetting Duke at Durham, North Carolina.
    List of billionaires includes a few locals

    List of billionaires includes a few locals

    President Donald Trump walks to the White House after arriving on Marine One, Sunday, March 19, 2017, in Washington. Facebook's co-founder and CEO Mark Zuckerberg, took the fifth spot with a net worth of $56 billion.
    Mel B Files for Divorce from Stephen Belafonte

    Mel B Files for Divorce from Stephen Belafonte

    The singer and TV personality is divorcing Stephen Belafonte , her husband of nearly 10 years, citing irreconcilable differences. Mel B is reportedly seeking joint legal and physical custody of the their 5-year-0ld daughter, Madison Brown Belafonte .

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.