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UK inflation slows to 2.7%: official data

Inflation jumped last year and remains at an elevated level after Britain voted to leave the European Union in 2016

Gulf News

LONDON: Britain’s annual inflation rate slowed in February as food and transport costs rose by less than one year ago, official data showed on Tuesday.

“The Consumer Prices Index (CPI) 12-month rate was 2.7 percent in February 2018, down from 3.0 per cent in January 2018,” the Office for National Statistics (ONS) said in a statement.

Inflation jumped last year and remains at an elevated level after Britain voted to leave the European Union in 2016. The Brexit referendum pushed down the pound, in turn hiking the cost of imported goods. February’s slowdown however calls into doubt whether the Bank of England will increase its main interest rate this Thursday as expected ahead of the latest data. (AFP)

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