"The UK has joined the group of developed economies that are beginning to see inflation point towards an overheating economy.

The difference to the U.S. in particular is that at the height of the first lockdown when the economy was hit hard, the UK economy was one of the worst affected in Europe. It therefore is recovering from a very low base.

The Bank of England will not yet start to be questioned over a change in policy to calm price growth.

Governor Andrew Bailey still sees growing inflation as transitory caused most by supply not keeping up with demand, although the jump in wages seen in yesterday’s employment report will serve as a cautionary reminder.

Clothing and footwear prices were the two unsurprisingly dominant increases adding to consumer prices. First, those sectors saw a seasonally unusual fall in February and the reopening of non-essential retail saw demand grow exponentially.

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