As per reports, the Office for National Statistics measured that inflation in the UK leapt by 2.3% in February. In January, it was 1.8%.﻿

The jump has pushed the rate above 2% target of the Bank of England.﻿

After over two and a half years, the first annual increase of 0.3% on food prices was recorded.﻿

As mentioned by the Bank of England, inflation may peak at 2.8% next year; however, some economists say that rate could even rise above 3%.﻿