U.K. cost of living keeps rising due to Brexit impact
This a a computer generated file image provided by the Bank of England Friday April 26, 2013, showing the concept design for the reverse of the new 5-pound note, with a picture of former British Prime Minister Winston Churchill. (AP /Bank of England)
The Associated Press
Published Tuesday, March 21, 2017 6:50AM EDT
Last Updated Tuesday, March 21, 2017 7:43AM EDT
LONDON -- Britain says the consumer price inflation rate rose to 2.3 per cent in February, from 1.8 per cent the month before, as the pound's drop since Britain's vote to leave the European Union caused the cost of living to rise.
The Office of National Statistics said Tuesday the annual rate is the highest in 3 1/2 years.
The largest impact was in food and fuel prices, as a supermarket price war had previously kept costs down. But stores were also hit by bad weather in southern Europe that ravaged crops and caused vegetable shortages.
The price of iceberg lettuce jumped 67.2 per cent between January and February after falling 0.8 per cent a year earlier.
It's the first time since November 2013 the rate is above the Bank of England's target of 2 per cent.