UK Inflation Rate Surges to 10.4%, Puts Pressure on Households and Policymakers.

UK inflation unexpectedly rose to 10.4% in February, driven by higher food prices and pricier drinks in pubs and restaurants. The Bank of England is set to announce on Thursday whether it will raise interest rates for the 11th meeting in a row, with investors split on whether it will pause due to recent upheaval in the global banking sector. Overall inflation for food and non-alcoholic drinks rose to 18.0%, its highest since 1977. In contrast, the US CPI fell in February to 6.0% year-over-year, with 62% of investors expecting the Federal Reserve to continue hiking rates.