Inflation in the UK continued to rise in February and remained at its highest level in 30 years.

According to data from the UK Statistics Office, inflation rose to 6.2 percent on an annual basis in February due to rising energy and food costs, the highest level since March 1992. The median estimate of economists was 6 percent.

Inflation was 5.5 percent in January.

Inflation increased by 0.8 percent monthly in February, exceeding the forecasts of 0.6 percent. This was the largest increase seen since 2009.

In order to combat high inflation, the Bank of England increased interest rates in its last three meetings and increased the policy rate to 0.75 percent. The Central Bank stated that inflation could reach double digits by the end of this year.