UK inflation rises to 2.3pct in February

By Ahmet Gurhan Kartal

LONDON

U.K. inflation rose in February, data revealed by the country’s Office for National Statistics revealed on Tuesday.

News of the 0.5 percent jump from 1.8 percent in January came straight after the British government announced it would start the official process of exiting the EU next Wednesday.

The consumer price index including housing costs (CPIH) was 2.3 percent in February, according to the data.

Pound sterling’s value, which dropped slightly following Monday’s announcement about triggering Article 50 of the Lisbon Treaty, gained ground against the U.S. dollar and the euro by about 0.25 percent.

The Bank of England had estimated February inflation at two percent.

Britain will send a letter to EU leaders to start the official Brexit process on March 29.