Inflation hits 30-year high at 6.2% in February

The Consumer Prices Index (CPI) rose by 6.2% in the 12 months to February 2022, up from 5.5% in January, according to the Office for National Statistics (ONS).

It revealed this is the highest CPI 12-month inflation rate in the national statistic series which began in January 1997, and the highest rate in the historic modelled series since March 1992, when it stood at 7.1%.

ONS added the CPI including owner occupiers’ housing costs (CPIH) rose by 5.5% in the 12 months to February 2022, up from 4.9% in the 12 months to January.

The largest upward contributions to the February 2022 CPIH 12-month inflation rate came from housing, household services and transport.

On a monthly basis, the consumer price index (CPI) rose by 0.8% in February 2022, compared with a rise of 0.1% in February 2021. This was the largest monthly CPI increase between January and February since 2009.

According to the data company, the upward contributions to the change in the CPIH 12-month inflation rate between January and February 2022 were “diverse”, with the largest coming from a variety of recreational and cultural goods and services (principally games, toys and hobbies), and clothing and footwear.

There were no large offsetting downward contributions to change.

Yael Selfin, chief economist at KPMG, said: “We expect further rises this year as global energy, food, and other commodities markets are impacted by Russia’s invasion of Ukraine. Inflation could potentially reach 8.8% this summer.”