Kevin Brown, savings specialist at Scottish Friendly, has commented on this morning’s inflation data from the ONS

“Reading February’s inflation data from the ONS feels like giving the rear-view mirror a cursory glance just as the road ahead takes an unexpected turn.

“Today’s figures show inflation holding steady, maintaining what had been a reassuring drift down towards the Bank of England’s 2% target.

“For households and policymakers alike, this snapshot still largely reflects a world before the recent escalation in the Middle East. The more consequential data will come with March’s release, which may begin to show how rising oil and energy prices are feeding through to UK consumers.

“What today’s data does highlight is how the winds of change can still hinder the trajectory towards the Bank’s target, even before the latest shock. With inflation now likely to move higher in the near term, expectations for further base rate increases will only strengthen.

“Higher rates may offer some support to savers, but rising prices continue to chip away at the real value of cash over time. In a more uncertain and potentially volatile environment, it becomes increasingly important to think carefully about how savings are positioned.

“For some, that may mean considering investments alongside cash savings as part of a longer-term approach, helping to maintain purchasing power over time.”