UK inflation rate eases to 2.7 per cent

Monitoring Desk

LONDON: The UK’s consumer price inflation in February was 2.7 percent, down from 3 percent in previous month, according to official data. The UK’s Consumer Price Index 12-month rate in February fell from 3 percent to 2.7 percent, the lowest figure since July 2017, according to the Office of National Statistics data released on Tuesday. “The largest downward contributions to the change in the rate came from transport and food prices, which rose by less than a year ago,” ONS said.

According to economists, pressures on the Bank of England to increase the interest rate may ease due to downward trend in inflation data. Consumer price inflation was at 3.1 percent at six-year high in November last year. Bank of England keeps its inflation target at 2.0 per cent.