<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/image-1774427282.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/image-1774427282.png"/></p>
<p>英国的通货膨胀率在二月份保持稳定，显示出在全球能源成本急剧上升引发对价格再次飙升的担忧之前，价格保持稳定。</p>
<p>官方数据显示，消费者价格指数同比保持在 3%，与一月份持平，基本符合经济学家的预期。</p>
<p>然而，这一数字仍远高于政府设定的 2% 目标，凸显出经济中持续存在的价格压力。</p>
<p>相对稳定的读数反映了某些类别成本上升与其他类别压力缓解之间的平衡，但经济学家警告称，前景在最近几周发生了显著变化。</p>
<h2>能源冲击重塑通胀轨迹</h2>
<p>中东冲突的升级改变了通货膨胀的格局，这场冲突扰乱了全球能源供应，推动了石油和天然气价格的上涨。</p>
<p>霍尔木兹海峡的有效关闭，这一全球能源运输的关键通道，导致燃料成本急剧上升，自冲突开始以来，汽油价格已经显著上涨。</p>
<p>二月份的数据未能捕捉到这些发展的全部影响。</p>
<p>国家统计局首席经济学家 Grant Fitzner 表示，在数据收集期间，汽油价格的下降帮助抵消了其他地方的上涨。</p>
<p>他指出，服装价格是二月份通货膨胀的最大上行贡献者，今年上涨，而去年同月则下降。</p>
<p>然而，随着三月份能源价格迅速攀升，分析师预计通货膨胀的上行压力将在未来几个月加剧。</p>
<h2>食品价格提供暂时缓解</h2>
<p>食品通货膨胀有所缓解，二月份降至 3.3%，低于上个月的 3.6%，为 2025 年 3 月以来的最低水平。</p>
<p>这一下降是由于橄榄油、面粉和比萨等商品价格下降，以及酒精和烟草价格的适度下跌。</p>
<p>尽管有所缓和，行业团体警告称，这一改善可能是短暂的。</p>
<p>食品和饮料联合会首席执行官 Karen Betts 表示，目前的趋势可能代表着在重新上涨之前的暂时平静。</p>
<p>她警告称，与中东冲突相关的化肥、能源和运输成本的上升可能会传导到食品价格上，给家庭带来额外压力。</p>
<h2>核心通胀信号更广泛的风险</h2>
<p>基础通胀压力显示出加固的迹象，核心通胀（不包括食品和能源等波动成分）在二月份从上个月的 3.1% 上升至 3.2%。</p>
<p>这一增长可能加强政策制定者的担忧，即价格压力可能在经济中变得更加根深蒂固，超出直接受能源成本影响的行业。</p>
<p>这一动态使得英格兰银行的政策前景复杂化，英格兰银行此前曾预计通货膨胀将在第二季度回落至目标水平，为降息铺平道路。</p>
<h2>政策前景转向收紧</h2>
<p>中央银行已经发出谨慎信号，在最近的会议上保持利率不变，因为通货膨胀前景的不确定性加剧。</p>
<p>金融市场随后修正了预期，投资者现在越来越多地将可能的加息而非降息纳入考虑。</p>
<p>这一变化反映了持续的能源驱动的通货膨胀可能限制英格兰银行放松货币政策的能力，即使经济增长仍然疲软。</p>
<h2>政府回应与财政挑战</h2>
<p>财政大臣 Rachel Reeves 表示，政府仍致力于在不确定的全球环境中支持家庭，同时保持财政纪律。</p>
<p>“在一个不确定的世界中，我们有正确的经济计划，以响应和负责任的方式支持国家利益中的劳动人民，” 她说。</p>
<p>“我们将从 11 月份预算中的措施中减免 150 英镑的能源账单，并为面临更高取暖油成本的人提供有针对性的支持。我们还在采取措施保护人们免受不公平的价格上涨，如果发生的话，降低食品价格，并减少繁文缛节以增强长期能源安全——建设一个更强大、更安全的经济，” 她说。</p>
<p>她补充说，政府将在今年晚些时候审查计划中的燃油税变更，但没有确认任何延迟。</p>
<p>随着能源市场保持波动，地缘政治紧张局势持续，英国的通货膨胀轨迹可能在很大程度上取决于全球商品价格的发展。</p>
<p>对于政策制定者和家庭而言，二月份的数据可能代表着在通货膨胀和更广泛经济面临更具挑战的阶段之前的暂时停顿。</p>
<p>该文章的标题为《英国通货膨胀在二月份保持在 3%，能源冲击模糊前景》，首次出现在 Invezz 上。</p>

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<p>英国 2 月份的通胀率保持在 3%，与 1 月份持平，尽管全球能源成本上升引发了对未来价格飙升的担忧。消费者价格指数反映了某些类别成本上升与其他类别成本缓解之间的平衡。经济学家警告，由于能源价格的飙升，尤其是中东冲突带来的影响，前景已经发生变化。核心通胀上升至 3.2%，使得英格兰银行的政策前景变得复杂，可能现在更倾向于收紧而非降息。政府承诺在财政挑战和动荡的能源市场中支持家庭</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/image-1774427282.png" alt="" original-src="https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/image-1774427282.png"/></p>
<p>Britain’s inflation rate held steady in February, showing that prices were stable before a sharp escalation in global energy costs raised concerns over a renewed surge in prices.</p>
<div class="lb-trans"><p>英国的通货膨胀率在二月份保持稳定，显示出在全球能源成本急剧上升引发对价格再次飙升的担忧之前，价格保持稳定。</p>
</div><p>Official data showed the consumer prices index remained at 3% year-on-year, unchanged from January and broadly in line with economists’ expectations.</p>
<div class="lb-trans"><p>官方数据显示，消费者价格指数同比保持在 3%，与一月份持平，基本符合经济学家的预期。</p>
</div><p>However, the figure remains well above the government’s 2% target, underscoring persistent price pressures in the economy.</p>
<div class="lb-trans"><p>然而，这一数字仍远高于政府设定的 2% 目标，凸显出经济中持续存在的价格压力。</p>
</div><p>The relatively stable reading reflects a balance between rising costs in some categories and easing pressures in others, but economists warn the outlook has shifted significantly in recent weeks.</p>
<div class="lb-trans"><p>相对稳定的读数反映了某些类别成本上升与其他类别压力缓解之间的平衡，但经济学家警告称，前景在最近几周发生了显著变化。</p>
</div><h2>Energy shock reshapes inflation trajectory</h2>
<div class="lb-trans"><h2>能源冲击重塑通胀轨迹</h2>
</div><p>The inflation landscape has been altered by the escalation of the Middle East conflict, which has disrupted global energy supplies and driven up oil and gas prices.</p>
<div class="lb-trans"><p>中东冲突的升级改变了通货膨胀的格局，这场冲突扰乱了全球能源供应，推动了石油和天然气价格的上涨。</p>
</div><p>The effective closure of the Strait of Hormuz, a key artery for global energy shipments, has triggered a sharp increase in fuel costs, with petrol prices already rising notably since the onset of the conflict.</p>
<div class="lb-trans"><p>霍尔木兹海峡的有效关闭，这一全球能源运输的关键通道，导致燃料成本急剧上升，自冲突开始以来，汽油价格已经显著上涨。</p>
</div><p>Data for February did not capture the full impact of these developments.</p>
<div class="lb-trans"><p>二月份的数据未能捕捉到这些发展的全部影响。</p>
</div><p>Grant Fitzner, chief economist at the Office for National Statistics, said falling petrol prices during the data collection period helped offset increases elsewhere.</p>
<div class="lb-trans"><p>国家统计局首席经济学家 Grant Fitzner 表示，在数据收集期间，汽油价格的下降帮助抵消了其他地方的上涨。</p>
</div><p>He noted that clothing prices were the largest upward contributor to inflation in February, rising this year after falling in the same month last year.</p>
<div class="lb-trans"><p>他指出，服装价格是二月份通货膨胀的最大上行贡献者，今年上涨，而去年同月则下降。</p>
</div><p>However, with energy prices climbing rapidly in March, analysts expect upward pressure on inflation to intensify in the coming months.</p>
<div class="lb-trans"><p>然而，随着三月份能源价格迅速攀升，分析师预计通货膨胀的上行压力将在未来几个月加剧。</p>
</div><h2>Food prices offer temporary relief</h2>
<div class="lb-trans"><h2>食品价格提供暂时缓解</h2>
</div><p>Food inflation provided some respite, easing to 3.3% in February from 3.6% the previous month, marking its lowest level since March 2025.</p>
<div class="lb-trans"><p>食品通货膨胀有所缓解，二月份降至 3.3%，低于上个月的 3.6%，为 2025 年 3 月以来的最低水平。</p>
</div><p>The decline was driven by lower prices for items such as olive oil, flour, and pizza, alongside a modest drop in alcohol and tobacco prices.</p>
<div class="lb-trans"><p>这一下降是由于橄榄油、面粉和比萨等商品价格下降，以及酒精和烟草价格的适度下跌。</p>
</div><p>Despite the moderation, industry groups have warned that the improvement may prove short-lived.</p>
<div class="lb-trans"><p>尽管有所缓和，行业团体警告称，这一改善可能是短暂的。</p>
</div><p>Karen Betts, chief executive of the Food and Drink Federation, said the current trend could represent a temporary lull before renewed increases.</p>
<div class="lb-trans"><p>食品和饮料联合会首席执行官 Karen Betts 表示，目前的趋势可能代表着在重新上涨之前的暂时平静。</p>
</div><p>She cautioned that rising costs for fertilisers, energy, and transport linked to the Middle East disruption are likely to feed through into food prices, putting additional pressure on households.</p>
<div class="lb-trans"><p>她警告称，与中东冲突相关的化肥、能源和运输成本的上升可能会传导到食品价格上，给家庭带来额外压力。</p>
</div><h2>Core inflation signals broader risks</h2>
<div class="lb-trans"><h2>核心通胀信号更广泛的风险</h2>
</div><p>Underlying inflation pressures showed signs of firming, with core inflation, which excludes volatile components such as food and energy, rising to 3.2% in February from 3.1% a month earlier.</p>
<div class="lb-trans"><p>基础通胀压力显示出加固的迹象，核心通胀（不包括食品和能源等波动成分）在二月份从上个月的 3.1% 上升至 3.2%。</p>
</div><p>The increase may reinforce concerns among policymakers that price pressures could become more entrenched across the economy, beyond sectors directly affected by energy costs.</p>
<div class="lb-trans"><p>这一增长可能加强政策制定者的担忧，即价格压力可能在经济中变得更加根深蒂固，超出直接受能源成本影响的行业。</p>
</div><p>This dynamic complicates the policy outlook for the Bank of England, which had previously expected inflation to fall back to target in the second quarter, paving the way for interest rate cuts.</p>
<div class="lb-trans"><p>这一动态使得英格兰银行的政策前景复杂化，英格兰银行此前曾预计通货膨胀将在第二季度回落至目标水平，为降息铺平道路。</p>
</div><h2>Policy outlook shifts toward tightening</h2>
<div class="lb-trans"><h2>政策前景转向收紧</h2>
</div><p>The central bank has already signalled caution, holding interest rates steady at its latest meeting as uncertainty around the inflation outlook intensified.</p>
<div class="lb-trans"><p>中央银行已经发出谨慎信号，在最近的会议上保持利率不变，因为通货膨胀前景的不确定性加剧。</p>
</div><p>Financial markets have since revised their expectations, with investors now increasingly pricing in the possibility of rate hikes rather than cuts later this year.</p>
<div class="lb-trans"><p>金融市场随后修正了预期，投资者现在越来越多地将可能的加息而非降息纳入考虑。</p>
</div><p>The shift reflects concerns that sustained energy-driven inflation could limit the Bank’s ability to ease monetary policy, even as economic growth remains subdued.</p>
<div class="lb-trans"><p>这一变化反映了持续的能源驱动的通货膨胀可能限制英格兰银行放松货币政策的能力，即使经济增长仍然疲软。</p>
</div><h2>Government response and fiscal challenges</h2>
<div class="lb-trans"><h2>政府回应与财政挑战</h2>
</div><p>Chancellor Rachel Reeves said the government remains committed to supporting households while maintaining fiscal discipline in an uncertain global environment.</p>
<div class="lb-trans"><p>财政大臣 Rachel Reeves 表示，政府仍致力于在不确定的全球环境中支持家庭，同时保持财政纪律。</p>
</div><p>&#34;In an uncertain world, we have the right economic plan, taking a responsive and responsible approach to supporting working people in the national interest,&#34; she said.</p>
<div class="lb-trans"><p>“在一个不确定的世界中，我们有正确的经济计划，以响应和负责任的方式支持国家利益中的劳动人民，” 她说。</p>
</div><p>&#34;We’re taking £150 off energy bills [from measures in November’s budget] and providing targeted support for those facing higher heating oil costs. We’re also acting to protect people from unfair price rises if they occur, bring down food prices at the till, and cut red tape to boost long-term energy security — building a stronger, more secure economy,&#34; she said.</p>
<div class="lb-trans"><p>“我们将从 11 月份预算中的措施中减免 150 英镑的能源账单，并为面临更高取暖油成本的人提供有针对性的支持。我们还在采取措施保护人们免受不公平的价格上涨，如果发生的话，降低食品价格，并减少繁文缛节以增强长期能源安全——建设一个更强大、更安全的经济，” 她说。</p>
</div><p>She added that the government would review planned fuel duty changes later this year, but stopped short of confirming any delay.</p>
<div class="lb-trans"><p>她补充说，政府将在今年晚些时候审查计划中的燃油税变更，但没有确认任何延迟。</p>
</div><p>As energy markets remain volatile and geopolitical tensions persist, the trajectory of inflation in the UK is likely to depend heavily on developments in global commodity prices.</p>
<div class="lb-trans"><p>随着能源市场保持波动，地缘政治紧张局势持续，英国的通货膨胀轨迹可能在很大程度上取决于全球商品价格的发展。</p>
</div><p>For policymakers and households alike, the February data may represent a temporary pause before a more challenging phase for inflation and the broader economy.</p>
<div class="lb-trans"><p>对于政策制定者和家庭而言，二月份的数据可能代表着在通货膨胀和更广泛经济面临更具挑战的阶段之前的暂时停顿。</p>
</div><p>The post UK inflation steady at 3% in February as energy shock clouds outlook appeared first on Invezz</p>
<div class="lb-trans"><p>该文章的标题为《英国通货膨胀在二月份保持在 3%，能源冲击模糊前景》，首次出现在 Invezz 上。</p>
</div>

UK inflation steady at 3% in February as energy shock clouds outlook

- 英国二月份通货膨胀率保持在 3%，与一月份持平。  
- 中东冲突导致能源价格上涨，可能加剧未来通胀压力。  
- 财长承诺支持家庭，但全球商品价格的波动仍将影响通胀轨迹。

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由于能源冲击使前景蒙上阴影，英国 2 月份的通胀率维持在 3%