UK inflation jumps to highest since 2013, breaching Bank of England target: Markit

"UK inflation surged above the Bank of England’s 2.0% target for the first time in over three years in February, underscoring how consumer spending is likely to be increasingly squeezed by higher prices in 2017. The Bank of England still looks likely to look through the upturn in inflation, but much will depend on the extent to which consumer spending and wage growth will be dampened this year."