UK inflation at 30-year high

Inflation in the UK exceeded expectations and rose to a 30-year high.

Annual inflation rose to 7 percent. In February, inflation was 6.2 percent. The median estimate of economists surveyed by Bloomberg was 6.7 percent.

Inflation in the country increased by 1.1 percent on a monthly basis, breaking a record. The expectation was 0.8 percent.

The rise in inflation is expected to accelerate with the implementation of the 54 percent hike in energy ceiling prices this month.

Inflation was above the target for 6 consecutive months. The increase in restaurant, energy, hotel, furniture, clothing and shoe prices contributed to the rise in inflation.

The Bank of England is expected to raise interest rates for the fourth time in a row in May to contain the rise. The bank expects inflation to approach 8 percent in April. At the end of the year, attention is drawn to the risk of inflation rising to double digits.

UK Finance Minister Rishi Sunak is under pressure to take steps to further support the household. Economists found the last announced support package insufficient.