Surprise jump in UK grocery inflation makes interest rate cut less probable

ECB says Middle East war could cause higher inflationary pressure and warns of potential ‘sharp drop in output’Business live – latest updatesShoppers faced a surprise jump in grocery inflation last month, as experts warned there was worse to come if there was prolonged war in the Middle East and the odds of a UK interest cut fell sharply.In a blow to households struggling with the cost of living, grocery price inflation rose to 4.3% in the four weeks to 22 February, after falling to 4% in January from 4.7% in December, according to the market research company Worldpanel by Numerator. Continue reading...