<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>英國的通貨膨脹率在二月份保持穩定，顯示出在全球能源成本急劇上升引發對價格再次飆升的擔憂之前，價格保持穩定。</p>
<p>官方數據顯示，消費者價格指數同比保持在 3%，與一月份持平，基本符合經濟學家的預期。</p>
<p>然而，這一數字仍遠高於政府設定的 2% 目標，凸顯出經濟中持續存在的價格壓力。</p>
<p>相對穩定的讀數反映了某些類別成本上升與其他類別壓力緩解之間的平衡，但經濟學家警告稱，前景在最近幾周發生了顯著變化。</p>
<h2>能源衝擊重塑通脹軌跡</h2>
<p>中東衝突的升級改變了通貨膨脹的格局，這場衝突擾亂了全球能源供應，推動了石油和天然氣價格的上漲。</p>
<p>霍爾木茲海峽的有效關閉，這一全球能源運輸的關鍵通道，導致燃料成本急劇上升，自衝突開始以來，汽油價格已經顯著上漲。</p>
<p>二月份的數據未能捕捉到這些發展的全部影響。</p>
<p>國家統計局首席經濟學家 Grant Fitzner 表示，在數據收集期間，汽油價格的下降幫助抵消了其他地方的上漲。</p>
<p>他指出，服裝價格是二月份通貨膨脹的最大上行貢獻者，今年上漲，而去年同月則下降。</p>
<p>然而，隨着三月份能源價格迅速攀升，分析師預計通貨膨脹的上行壓力將在未來幾個月加劇。</p>
<h2>食品價格提供暫時緩解</h2>
<p>食品通貨膨脹有所緩解，二月份降至 3.3%，低於上個月的 3.6%，為 2025 年 3 月以來的最低水平。</p>
<p>這一下降是由於橄欖油、麪粉和比薩等商品價格下降，以及酒精和煙草價格的適度下跌。</p>
<p>儘管有所緩和，行業團體警告稱，這一改善可能是短暫的。</p>
<p>食品和飲料聯合會首席執行官 Karen Betts 表示，目前的趨勢可能代表着在重新上漲之前的暫時平靜。</p>
<p>她警告稱，與中東衝突相關的化肥、能源和運輸成本的上升可能會傳導到食品價格上，給家庭帶來額外壓力。</p>
<h2>核心通脹信號更廣泛的風險</h2>
<p>基礎通脹壓力顯示出加固的跡象，核心通脹（不包括食品和能源等波動成分）在二月份從上個月的 3.1% 上升至 3.2%。</p>
<p>這一增長可能加強政策制定者的擔憂，即價格壓力可能在經濟中變得更加根深蒂固，超出直接受能源成本影響的行業。</p>
<p>這一動態使得英格蘭銀行的政策前景複雜化，英格蘭銀行此前曾預計通貨膨脹將在第二季度回落至目標水平，為降息鋪平道路。</p>
<h2>政策前景轉向收緊</h2>
<p>中央銀行已經發出謹慎信號，在最近的會議上保持利率不變，因為通貨膨脹前景的不確定性加劇。</p>
<p>金融市場隨後修正了預期，投資者現在越來越多地將可能的加息而非降息納入考慮。</p>
<p>這一變化反映了持續的能源驅動的通貨膨脹可能限制英格蘭銀行放鬆貨幣政策的能力，即使經濟增長仍然疲軟。</p>
<h2>政府回應與財政挑戰</h2>
<p>財政大臣 Rachel Reeves 表示，政府仍致力於在不確定的全球環境中支持家庭，同時保持財政紀律。</p>
<p>“在一個不確定的世界中，我們有正確的經濟計劃，以響應和負責任的方式支持國家利益中的勞動人民，” 她説。</p>
<p>“我們將從 11 月份預算中的措施中減免 150 英鎊的能源賬單，併為面臨更高取暖油成本的人提供有針對性的支持。我們還在採取措施保護人們免受不公平的價格上漲，如果發生的話，降低食品價格，並減少繁文縟節以增強長期能源安全——建設一個更強大、更安全的經濟，” 她説。</p>
<p>她補充説，政府將在今年晚些時候審查計劃中的燃油税變更，但沒有確認任何延遲。</p>
<p>隨着能源市場保持波動，地緣政治緊張局勢持續，英國的通貨膨脹軌跡可能在很大程度上取決於全球商品價格的發展。</p>
<p>對於政策制定者和家庭而言，二月份的數據可能代表着在通貨膨脹和更廣泛經濟面臨更具挑戰的階段之前的暫時停頓。</p>
<p>該文章的標題為《英國通貨膨脹在二月份保持在 3%，能源衝擊模糊前景》，首次出現在 Invezz 上。</p>

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<p>英國 2 月份的通脹率保持在 3%，與 1 月份持平，儘管全球能源成本上升引發了對未來價格飆升的擔憂。消費者價格指數反映了某些類別成本上升與其他類別成本緩解之間的平衡。經濟學家警告，由於能源價格的飆升，尤其是中東衝突帶來的影響，前景已經發生變化。核心通脹上升至 3.2%，使得英格蘭銀行的政策前景變得複雜，可能現在更傾向於收緊而非降息。政府承諾在財政挑戰和動盪的能源市場中支持家庭</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>英國的通貨膨脹率在二月份保持穩定，顯示出在全球能源成本急劇上升引發對價格再次飆升的擔憂之前，價格保持穩定。</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>官方數據顯示，消費者價格指數同比保持在 3%，與一月份持平，基本符合經濟學家的預期。</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，這一數字仍遠高於政府設定的 2% 目標，凸顯出經濟中持續存在的價格壓力。</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>相對穩定的讀數反映了某些類別成本上升與其他類別壓力緩解之間的平衡，但經濟學家警告稱，前景在最近幾周發生了顯著變化。</p>
</div><h2>Energy shock reshapes inflation trajectory</h2>
<div class="lb-trans"><h2>能源衝擊重塑通脹軌跡</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>中東衝突的升級改變了通貨膨脹的格局，這場衝突擾亂了全球能源供應，推動了石油和天然氣價格的上漲。</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>霍爾木茲海峽的有效關閉，這一全球能源運輸的關鍵通道，導致燃料成本急劇上升，自衝突開始以來，汽油價格已經顯著上漲。</p>
</div><p>Data for February did not capture the full impact of these developments.</p>
<div class="lb-trans"><p>二月份的數據未能捕捉到這些發展的全部影響。</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>國家統計局首席經濟學家 Grant Fitzner 表示，在數據收集期間，汽油價格的下降幫助抵消了其他地方的上漲。</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，服裝價格是二月份通貨膨脹的最大上行貢獻者，今年上漲，而去年同月則下降。</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，隨着三月份能源價格迅速攀升，分析師預計通貨膨脹的上行壓力將在未來幾個月加劇。</p>
</div><h2>Food prices offer temporary relief</h2>
<div class="lb-trans"><h2>食品價格提供暫時緩解</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>食品通貨膨脹有所緩解，二月份降至 3.3%，低於上個月的 3.6%，為 2025 年 3 月以來的最低水平。</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>這一下降是由於橄欖油、麪粉和比薩等商品價格下降，以及酒精和煙草價格的適度下跌。</p>
</div><p>Despite the moderation, industry groups have warned that the improvement may prove short-lived.</p>
<div class="lb-trans"><p>儘管有所緩和，行業團體警告稱，這一改善可能是短暫的。</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>食品和飲料聯合會首席執行官 Karen Betts 表示，目前的趨勢可能代表着在重新上漲之前的暫時平靜。</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>她警告稱，與中東衝突相關的化肥、能源和運輸成本的上升可能會傳導到食品價格上，給家庭帶來額外壓力。</p>
</div><h2>Core inflation signals broader risks</h2>
<div class="lb-trans"><h2>核心通脹信號更廣泛的風險</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>基礎通脹壓力顯示出加固的跡象，核心通脹（不包括食品和能源等波動成分）在二月份從上個月的 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>這一增長可能加強政策制定者的擔憂，即價格壓力可能在經濟中變得更加根深蒂固，超出直接受能源成本影響的行業。</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>這一動態使得英格蘭銀行的政策前景複雜化，英格蘭銀行此前曾預計通貨膨脹將在第二季度回落至目標水平，為降息鋪平道路。</p>
</div><h2>Policy outlook shifts toward tightening</h2>
<div class="lb-trans"><h2>政策前景轉向收緊</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>中央銀行已經發出謹慎信號，在最近的會議上保持利率不變，因為通貨膨脹前景的不確定性加劇。</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>金融市場隨後修正了預期，投資者現在越來越多地將可能的加息而非降息納入考慮。</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>這一變化反映了持續的能源驅動的通貨膨脹可能限制英格蘭銀行放鬆貨幣政策的能力，即使經濟增長仍然疲軟。</p>
</div><h2>Government response and fiscal challenges</h2>
<div class="lb-trans"><h2>政府回應與財政挑戰</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>財政大臣 Rachel Reeves 表示，政府仍致力於在不確定的全球環境中支持家庭，同時保持財政紀律。</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>“在一個不確定的世界中，我們有正確的經濟計劃，以響應和負責任的方式支持國家利益中的勞動人民，” 她説。</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>“我們將從 11 月份預算中的措施中減免 150 英鎊的能源賬單，併為面臨更高取暖油成本的人提供有針對性的支持。我們還在採取措施保護人們免受不公平的價格上漲，如果發生的話，降低食品價格，並減少繁文縟節以增強長期能源安全——建設一個更強大、更安全的經濟，” 她説。</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>她補充説，政府將在今年晚些時候審查計劃中的燃油税變更，但沒有確認任何延遲。</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>隨着能源市場保持波動，地緣政治緊張局勢持續，英國的通貨膨脹軌跡可能在很大程度上取決於全球商品價格的發展。</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>對於政策制定者和家庭而言，二月份的數據可能代表着在通貨膨脹和更廣泛經濟面臨更具挑戰的階段之前的暫時停頓。</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>該文章的標題為《英國通貨膨脹在二月份保持在 3%，能源衝擊模糊前景》，首次出現在 Invezz 上。</p>
</div>

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

- 英國二月份通貨膨脹率保持在 3%，與一月份持平。  
- 中東衝突導致能源價格上漲，可能加劇未來通脹壓力。  
- 財長承諾支持家庭，但全球商品價格的波動仍將影響通脹軌跡。

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由於能源衝擊使前景蒙上陰影，英國 2 月份的通脹率維持在 3%