British finance minister Jeremy Hunt said the fall in inflation shown in data published on Wednesday would “open the door” for the Bank of England to cut interest rates.
British consumer prices rose by a slightly weaker-than-expected 3.4 per cent in annual terms in February, slowing from a 4 per cent increase in January, and the lowest rate of inflation since September 2021, the Office for National Statistics said.
A Reuters poll of economists had pointed to an annual rate of 3.5 per cent.
Core inflation, which excludes energy, food and tobacco prices, also slowed to 4.5 per cent, down from 5.1 per cent in January. The Reuters poll had pointed to a reading of 4.6 per cent.
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The figures were published a day before the Bank of England announces its latest decision on interest rates.
Services inflation, which the BoE watches closely, slowed to 6.1 per cent from 6.5 per cent in January, the ONS said. - Reuters
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