UK inflation edges higher as Bank of England meets on rates

Official figures show that inflation edged higher in February but remains slightly below the Bank of England's target.

The Office for National Statistics said Wednesday that consumer prices were 1.9 percent higher in the year to February, up from the 1.8 percent rate recorded in January.

Rising food, alcohol and tobacco prices were partly behind the increase in inflation, which remains just below the Bank's target of 2 percent.

On Thursday, the Bank of England's rate-setters are set to keep the main interest rate on hold at 0.75 percent amid rising uncertainty over Britain's departure from the European Union, which is scheduled for March 29. Prime Minister Theresa May has said she is seeking an extension to the Brexit date from EU leaders, meaning uncertainty is set to persist.