United Kingdom: Inflation dips in February
Consumer prices rose 0.4% month-on-month in February, contrasting January’s 0.3% decline. February’s reading was driven by higher prices for clothing and footwear; and furniture, household equipment and maintenance.
Inflation dipped from 1.8% in January to 1.7% in February, moving further below the Bank of England’s 2.0% target, while core inflation, which excludes energy and food, recorded 1.7%. Looking ahead, inflation is likely to decline due to depressed economic activity and the plunge in global oil prices observed recently.