UK inflation data has surprised many, increasing to 10.4 percent in February rather than dropping to single digits as most economists had predicted.

This is a 0.3 percent point increase from the 10.1 percent figure recorded in January.

The US has faced similar difficulties in curbing inflation, seeing small rises on its way to lowering inflation.

Richard Carter, head of fixed interest research at Quilter Cheviot, noted the “path downwards for inflation...