LONDON, March 23 (Xinhua) -- Britain's Consumer Prices Index (CPI) rose by 6.2 percent in the 12 months to February 2022, up from 5.5 percent in January, hitting a 30-year high, official statistics showed Wednesday.
On a monthly basis, the CPI rose by 0.8 percent in February 2022, compared with a rise of 0.1 percent in February 2021, and it was the largest monthly CPI increase between January and February since 2009, according to the country's Office for National Statistics (ONS).
"Inflation rose steeply in February as prices increased for a wide range of goods and services, for products as diverse as food to toys and games," said ONS chief economist Grant Fitzner.
Clothing and footwear saw a return to traditional February price rises after last year's falls when many shops were closed. Furniture and flooring also contributed to the rise in inflation as prices started to recover following new year sales, Fitzner added.
Amid the soaring prices, a cost-of-living crisis was aggravated. Record high inflation now means a typical single parent will face paying out an estimated additional 315 pounds (415 U.S. dollars) in food and heating this year compared to 2019, while bills for a family of four are likely to jump 580 pounds, according to Matt Whittaker, chief executive officer at British charity Pro Bono Economics.
"With inflation driven by staples such as food and fuel, the everyday impacts of inflation will be felt most sharply by the poorest," Whittaker added.
Worse yet, an increased energy price cap was expected to push inflation even higher and deal yet another blow to household finances. Britain's energy regulator has announced that the cap would jump from the current 1,277 pounds to reach 1,971 pounds per year in April for about 22 million customers.
Inflation is likely to hit at least 8 percent this spring, reaching the highest in 40 years, said Jack Leslie, senior economist at British think tank Resolution Foundation. "This prolonged period of high inflation -- which millions of people have simply never experienced before -- is a complete disaster for living standards," he said.
Britain's central bank, the Bank of England, lifted the benchmark interest rate to 0.75 percent earlier this month to bring down the inflation that was far above its 2-percent target. But analysts have expressed concerns that rate hikes could play a limited role.
"Energy prices are set on a global or at least continental basis, so raising UK interest rates will do nothing to reduce energy prices and help calm inflation," said Tom Pugh, an economist at business advisory firm RSM UK. ■