“This was driven by increased household energy bills due to the price cap hike, a rise in the cost of second-hand cars and fuel as well as higher prices in restaurants and hotels.
“Costs of goods produced by factories and the price of raw materials have also risen substantially and are now at their highest rates for at least 10 years.”
Sir John Gieve, a former member of the Bank of England’s Monetary Policy Committee, said the 4.2% inflation rate was “a little bit higher than the Bank and most forecasters were expecting”.
“The key point is that it’s not thought to be a one-off,” he told the BBC’s Today program.
“The Bank and other forecasters expect it to rise right the way through to April, to around 5%, and then to stay well above target for the rest of the year. So this isn’t really a blip, this is quite a marked trend.”
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