Inflation in the United Kingdom continues to soar, hitting 2.3% in February

Pound jumps as inflation surges to 2.3

The Consumer Price Index (CPI) measure of inflation is expected to reach 2.1% in February, as sterling's post-Brexit collapse makes everyday items more expensive. Also, investors are awaiting the Bank of England's (BoE) Monetary Policy Committee (MPC) member Andy Haldane's speech, scheduled for later in the day. Prices for food meanwhile rose in the year to February, after 31 consecutive months of price falls.

However, average prices at food stores have seen their largest increase since April 2013, rising 0.5% in January, the Office for National Statistics said.

On a monthly basis, inflation rose 0.7% last month, compared with a 0.5% decline recorded in the previous month and higher than analysts' expectations for a 0.5% increase. The pound had been rising against the U.S. dollar ahead of the inflation data and continued to move higher after the announcement to gain 0.8% by 9.42am, trading around $1.24550.

Trump golf trips: President's 11 outings on pace to out-golf Obama
Spicer said he could not confirm reports of an upcoming Mar-a-Lago summit in April with Trump and Chinese President Xi Jinping . News reported over the weekend that Trump made his 10th visit to Trump International Golf Club since the inauguration.

Despite increasing and surpassing the Bank of England's official 2% target, inflation remains roughly in line with the long-term trend - as the chart shows, inflation was more than 5% as recently as 2011.

The Old Lady of Threadneedle street expects inflation to hit 2.8% by the end of 2017, while some economists have forecast price growth as high as 4%.

On this occasion, however, the ONS will promote CPIH - a measure that includes owner-occupiers' housing costs - to be the main measure of inflation in its statistical bulletins.

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