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Inflation eases to 2.7% on falling petrol prices

Inflation eases to 2.7% on falling petrol prices

Falling petrol prices and a slower rise in the cost of food contributed to a drop in UK consumer price inflation during February.The rate fell from 3% to 2.7%, the lowest figure since July 2017.The fall eases pressure on the Bank of England to raise interest rates at its next policy meeting later this week.Consumer price inflation hit a six-year high of 3.1% in November and then edged lower to 3%, where it had stayed for the past two months.The figures suggest the squeeze on households, caused by rising inflation and stagnant wages, may be coming to an end.
The ONS will publish the latest pay growth figures on Wednesday.Economists expect those figures to show pay growth edged higher, to an annual rate of 2.6% in the three months to January. And the situation could improve further this year, according to the Bank of England. It expects wages to grow more quickly than inflation.This breaking news story is being updated and more details will be published shortly. Please refresh the page for the fullest version.You can receive Breaking News on a smartphone or tablet via the BBC News App. You can also follow @BBCBreaking on Twitter to get the latest alerts.
UK economy
Inflation
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