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Consumer prices rose by a stronger-than-expected 2.3 percent, the biggest annual increase. February's rise represented the first time in more than three years that inflation topped the BoE's target. The Governor of the Bank of England, Mark Carney, said it was important not to overreact to a single month's data. This is a consequence of the increase in global oil prices and the impact of the Brexit vote on sterling. The BoE has said it expects inflation will peak at 2.8 percent in the second quarter of next year. Most economists say it is likely to hit 3 percent. The BoE underestimated the extent of inflation's rise after the global financial crisis which also caused a sharp fall in sterling.

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