UK inflation unexpectedly accelerates to 10.4% led by food prices

British annual inflation unexpectedly accelerated in February despite central bank efforts to tame a growing cost-of-living crisis, official data showed Wednesday.

The Consumer Price Index (CPI) rose to 10.4% for February 2023, up from 10.1 percent in January, the Office for National Statistics in the U.K said.

The news strengthened the case for another interest rate hike on Thursday from the Bank of England, despite calls for no change amid global turmoil in the commercial banking sector.

Expectations had been for a slowdown in UK inflation, but prices jumped up for food and drinks -- offset only partially by falling motor fuel costs.

"Inflation ticked up in February, mainly driven by rising alcohol prices in pubs and restaurants following discounting in January," said ONS chief economist Grant Fitzner.

"Food and non-alcoholic drink prices rose to their highest rate in over 45 years with particular increases for some salad and vegetable items as high energy costs and bad weather across parts of Europe led to shortages and rationing."