Inflation surprise makes Bank of England rate rise almost a certainty

Annual rate still above 10% as grocery prices soar, leaving MPC on course for another increase

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Victory is delayed. Inflation had been expected to fall below 10% but there was a shock on Wednesday morning when that didn’t happen, after the annual growth in food and nonalcoholic beverage prices unexpectedly jumped in March to its highest level since 1977.

Fresh fish, cooking oil and biscuits all rose in price to push up the overall annual increase in food bills from 18% in February to 19.1% in March.