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Financial News: UK Inflation At 7-Month Low

UK Inflation At 7-Month Low

03/20/2018 - 06:10:00 (RTTNews)

(RTTNews) - UK inflation eased to a 7-month low in February, the Office for National Statistics reported Tuesday.

Consumer price inflation slowed more-than-expected to 2.7 percent in February from 3 percent in January. This was the weakest since last July, when prices rose 2.6 percent. Economists had forecast an annual rate of 2.8 percent.

Core inflation that excludes energy, food, alcoholic beverages and tobacco, eased to 2.4 percent from 2.7 percent in the previous month. Core prices were expected to gain 2.5 percent.

On a monthly basis, overall consumer prices climbed 0.4 percent but slightly slower than the expected 0.5 percent.

Another report from ONS showed that output price inflation came in at 2.6 percent in February versus 2.8 percent a month ago. At the same time, output prices remained flat on month after rising 0.1 percent in January.

Economists had forecast output prices to rise 0.1 percent on month and 2.6 percent annually.

Input price inflation eased to 3.4 percent in February from 4.5 percent in January. On a monthly basis, input prices dropped 1.1 percent on month, in contrast to previous month's 0.4 percent increase.

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