UK inflation jumps to 10.4%, surprising analysts

Britain’s inflation rate has risen for the first time in four months in February. The new figures released Wednesday surprised analysts and increased pressure on the Bank of England to raise interest rates at its meeting on Thursday. The consumer price index jumped to 10.4% in the 12 months through February from 10.1% the previous month. The Office for National Statistics said Wednesday that high energy prices continued to squeeze household budgets. Economists expect prices to drop rapidly later this year. But inflation is more than five times higher than the Bank of England’s 2% target.