BUSINESS LIVE: Inflation jumps to 6.2%; UK awaits Spring Statement

Inflation rose to a new 30-year high of 6.2 per cent last month, at the very top end of expectations among analysts, official data showed on .

Office for National Statistics data highlighted household energy bills and petrol as the biggest drivers of inflation in February.

Rishi Sunak will deliver the Spring Statement at 12.30pm today, with this morning’s higher-than-expected inflation figures piling further pressure on the Chancellor.

Savers, investors and businesses will be keeping an eye on how the Government intends to fight the cost-of-living crisis while rebalancing the Treasury’s coffers.

Oilfield services provider Petrofac has warned of fewer contracts in the near term, and reported a halving in its annual profit on lower order intake and costs related to its settlement with Britain’s fraud office.

Core profit fell to $104million in the year to 31 December from $211million in the previous year, the London-listed company said.

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