The Bank of England today increased its base rate by 25 basis points from 4% to 4.25% - the highest level for 15 years.

There was a surprise surge in CPI inflation in February to 10.4% - from 10.1% in January - due mainly to rising food prices.

UK inflation eased for a third month in a row in January, with CPI falling 0.6% for the month.

The Bank of England today increased its base rate by 50 basis points from 3.5% to 4% - its highest rate since October 2008.