UK inflation statistic surprises

The British CPI inflation statistic for the year to February, out Tuesday, confounded analysts' expectations of a steep fall, rising by a fifth of a percentage point from the January figure.

CPI was 3.2%, up from 3% in January and more than one percentage point above the Bank of England's 2% target. According to Bloomberg, economists had on average expected inflation to dip to 2.6%

The rise in inflation, reported by the Office for National Statistics, the government's statistics bureau, was la