British inflation climbs to 2.8% in February

British 12-month inflation rose to 2.8 percent in February on the back of rising domestic energy costs and transport prices, official data showed on Tuesday. "The Consumer Prices Index (CPI) annual inflation grew by 2.8 percent in February 2013, up from 2.7 percent in January," the Office for National Statistics (ONS) said in a statement. "The change in the rate follows four consecutive months when it stood at 2.7 percent." The Bank of England's government-set target rate meanwhile stands at 2.0 percent. "The largest upward contributions to the change in the rate came from the expected increases in many gas and electricity bills and from price changes for some recreational goods, motor fuels and air transport," the ONS added on Tuesday.