UK's February inflation shoots past BOE target

London

BRITISH inflation last month shot past the Bank of England's (BOE) 2 per cent target for the first time since the end of 2013, potentially adding to uneasiness among some officials at the central bank about keeping interest rates near zero.

Consumer prices rose by a stronger-than-expected 2.3 per cent in annual terms, the biggest increase in nearly 31/2 years and up sharply from 1.8 per cent in January, the Office for National Statistics (ONS) said on Tuesday.

Last week, one of the BOE's policymakers voted for a rate increase, given the rise in inflation and no sign of the economic slowdown expected after Britain voted to leave the European Union (EU). Other policymakers said that it would not take much more news about rising inflation or g…