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Financial News: UK Inflation Lowest Since 2021

UK Inflation Lowest Since 2021

03/20/2024 - 03:36:00 (RTTNews)

(RTTNews) - UK consumer price inflation weakened in February to the lowest since 2021, the Office for National Statistics reported Wednesday.

The consumer price index registered an annual growth of 3.4 percent, slower than the 4.0 percent rise in January. The rate was the lowest since September 2021. Prices were expected to climb 3.5 percent.

On a monthly basis, consumer prices gained 0.6 percent, offsetting January's 0.6 percent fall.

Core inflation that excludes energy, food, alcohol and tobacco weakened to 4.5 percent from 5.1 percent in the previous month. The rate was seen at 4.6 percent. The CPI goods annual rate slowed to 1.1 percent from 1.8 percent, while the CPI services annual rate eased to 6.1 percent from 6.5 percent. The ONS said large downward effects from food and non-alcoholic beverages, and restaurants and hotels were partially offset by a large upward effect from housing and household services.

Data showed that output prices grew 0.4 percent on a yearly basis, in contrast to the 0.3 percent fall in January. Prices were expected to ease 0.1 percent.

At the same time, input prices dropped 2.7 percent in February, as expected, following a revised 2.8 percent decrease a month ago.

Month-on-month, producer input prices fell 0.4 percent and output prices gained 0.3 percent in February.

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