Inflation figures are set to reveal another rise in the cost of living today as soaring oil and commodity prices continue to squeeze consumers' spending power.

The Office for National Statistics is expected to say that the Consumer Prices Index (CPI) measure of inflation rose to a 28-month high of 4.3% in February, up from 4% in January, according to economists.

Bank of England governor Mervyn King has warned that inflation is set to climb towards 5% in the coming months, leaving consumer spending power facing its biggest crunch since the 1920s, as wages fail to keep up with inflation.

Another increase in CPI, which is already running at twice the Bank of England's target of 2%, would heap more pressure on the Bank to raise its base rate from its record low of 0.5%.

The price of commodities such as wheat and cotton have increased dramatically in the past year as growing demand from emerging markets and the weakness of the pound on foreign exchange markets makes goods more expensive for squeezed UK consumers, who are also being hit by rising taxes.

In recent months the price of Brent crude oil has reached two-year highs of close to $120, as the unrest in Libya and other oil producing countries in North Africa and the Middle East led to fears that production will be disrupted.

This pushed the average price of unleaded petrol up by 4.1p to 132.9p a litre between mid-February and mid-March, while diesel increased by 5p to 139p per litre, said the AA.

Howard Archer, chief economist at IHS Global Insight, who expects the inflation rate to rise to 4.3%, said: "We expect higher oil and commodity prices to once again have had a significant upward impact on consumer price inflation in February.

"Petrol prices climbed appreciably further in February while some utility bills have also risen."

Archer predicted that further oil and commodity price rises would see CPI peak at 4.6% in the second quarter of the year and it had a realistic chance of falling back to its target by mid-2012.

Victoria Cadman, an economist at Investec Securities, expects February CPI to rise to 4.1% as more companies passed on the rise in VAT after delaying the increase in January to attract cash-strapped consumers. VAT, which is paid on most goods and services, rose to 20% on 4 January, from 17.5%.

She also expects retail food prices to have risen after a 4.5% increase in wholesale prices in January.

The British Retail Consortium reported that shop price inflation rose to 2.7% in February, from 2.5% the previous month as the rise in VAT was passed on.

King and other members of the Bank's rate-setting committee have repeatedly said that inflation is being driven by temporary shocks such as commodity prices and the increase in VAT.

Inflation as measured by the Retail Prices Index (RPI), which includes mortgage costs, is forecast to rise to 5.3% in February from 5.1% the previous month.