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.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.
Services inflation, which the BoE watches closely, slowed to 6.1 per cent from 6.5 per cent in January, the ONS said. - ReutersDublin publican puts up €20,000 gate at city laneway after drug use, assaults and dumpingWednesday’s Top Stories: Court action launched against PhoneWatch and HomeSecure; Thousands of staff to be hired in HSE despite recruitment freeze