CPI inflation on the rise again

22 March 2023

The last few months showed a steady, but slow, decrease in the consumer price index (CPI) inflation, dropping back down to 10.1%.

However, the Office for National Statistics (ONS) has released the February 2023 data that indicates CPI for the 12 months up to February is up again, to 10.4%. The largest contributors to the rise were restaurants, cafes, food and clothing, partially offset by reductions in fuel prices.

The Bank of England is targeted with keeping inflation to within 2% per year, the Monetary Policy Committee will be announcing tomorrow (23 March 2023) if any changes to the bank rate will occur.

This will have knock on implications for HM Revenue and Customs’ (HMRC’s) late payment charges, so keep an eye out for the announcement.

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