Commenting on the figures, Danske Bank Economist Conor Lambe said:
“In the latest inflation release, the Office for National Statistics placed a new focus on the Consumer Prices Index including owner occupiers’ housing costs (so-called CPIH).
“The UK inflation rate using this measure increased from 1.9 per cent in January to 2.3 per cent in February.
“The Consumer Prices Index (CPI), the measure that has received the most attention in recent years, also increased in February. It now stands at 2.3 per cent, which is above the Bank of England’s inflation target. This marks the first time UK inflation has been above the target since the end of 2013.
“Despite this, interest rates are expected to remain low in an attempt to continue supporting economic growth, particularly with the Government now on the verge of triggering Article 50.
“Looking forward, inflation remains one of the key things for households and businesses to watch and it could move even further above the target in the months ahead.”
This comment was published in response to the February 2017 UK inflation data published by the ONS on 21st March 2017.