Martin Beck, chief economic advisor to the EY ITEM Club, believes the rise is a one-off.
He said: “There’s still good reason to think that inflation will fall substantially this year, and that February’s pickup will prove be a one-off.
“The EY ITEM Club expects the CPI measure to fall to around three percent by the end of the year.”
Meanwhile, Alpesh Paleja, the CBI’s lead economist, said that “while inflation rose in February, the outlook for the months ahead is looking more benign”.
He added: “But while we expect inflation to fall back over this year, the firmness in domestic price pressures is something that the Bank of England will be keeping a close eye on.
source: express.co.uk