US Federal Reserve raises interest rate by a quarter point – business live

US central bankers must decide whether to push on with monetary tightening, or pause rate hikes amid banking turmoil

• Analysis: UK inflation rise complicates Bank of England's interest rate decision
• Full story: UK inflation rate in surprise rise to 10.4% as salad crisis pushes up prices

Increased prices for womens clothing also pushed up UK inflation last month, with prices rising more in February than a year ago.

Prices of clothing and footwear rose, overall, by 8.0% in the year to February 2023, up from 6.2% in the year to January 2023

The upward effect on the change in the headline rate between January and February 2023 was principally from women's clothing, where prices rose by more this year than a year ago.

Inflation ticked up in February, mainly driven by rising alcohol prices in pubs and restaurants following discounting in January.

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.