Food and fuel push inflation to three-year high

Last month’s inflation jumped to its highest rate since September 2013, driven by rising fuel and food prices.

The Consumer Prices Index (CPI) jumped to 2.3% in February – up from 1.8% the month before, according to latest data published by the Office for National Statistics.

The increase has pushed the rate above the Bank of England’s 2% target.

Food prices recorded their first annual increase for more than two-and-a-half years, standing 0.3% higher in February than a year earlier.

The Bank of England has said it expects inflation will peak at 2.8% next year.