United Kingdom inflation dips to 2.7 per cent in February
21 March, 2018, 08:13 | Author: Salvatore Jensen
CPI inflation fell from 3.0% in January to 2.7% in February, according to the latest ONS data.
"Inflation is still above target after all, and the Bank of England would love to build up some firepower to deploy in the event of an economic slowdown".
South African inflation eased to 4.0 percent in February from 4.4 percent seen in the previous year. "Savers who have held their money in a United Kingdom bank account since then have seen their savings grow at a paltry 4% in total, which is dwarfed by the 30% increase in inflation over the same period".
Consumer prices rose by an annual 2.7 percent last month, the weakest increase since July of a year ago as the impact of the 2016 Brexit vote faded from the figures. It expects wages to grow more quickly than inflation.
Petrol prices fell on the month and food prices rose more slowly than in February 2017, he said.
Food and non-alcoholic beverages prices rose 3.9 percent annually and alcoholic beverages and tobacco prices climbed 6.1 percent.
Last year's figure was boosted by a shortage of salad and vegetables, when crops in southern Mediterranean countries were hit by bad weather.
Mel Stride, financial secretary to the Treasury, said: "We know families feel the cost of living at the end of every working week".
The move in inflation came largely in response to the double digit referendum-induced devaluation of Sterling, which raised the cost of imported goods for companies and consumers.
As the latest Resolution Foundation report, The Living Standards Outlook, revealed, the last decade has seen the most anaemic rates of wage growth for 200 years. It is widely expected to say on Thursday that it will keep rates on hold for now, and stick with a plan to raise borrowing costs only gradually.
There are signs that the Brexit hit to prices has peaked, however, though the BoE expects a residual impact to last years.
"Core inflation probably fell back too, from 2.7% in January to 2.5%, which is likely to mark the beginning of a more sustained downward trend in inflation this year".
However, Samuel Tombs, chief United Kingdom economist at Pantheon Macroeconomics, said: "Inflation is falling back to the 2% target much more rapidly than the Monetary Policy Committee (MPC) expected - undermining the case for raising interest rates again as soon as May". It is also higher than in the United States, where the Federal Reserve looks set to continue its series of interest rate hikes this week.
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