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U.K. CPI rises to 2.8% in February

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Investing.com - Consumer price inflation in the U.K. rose in line with expectations in February, acclerating at the fastest pace in nine months, official data showed on Tuesday.

In a report, the U.K. Office for National Statistics said the rate of consumer price accelerated at a seasonally adjusted 2.8% in February, in line with expectations and up from 2.7% in December.

Month-over-month, consumer price inflation rose 0.7% last month, in line with expectations, after falling 0.5% in January.

The rate of inflation remains above the Bank of England's 2.0% target, but the Bank of England will not be obliged to write to the Chancellor of the Exchequer, as the inflation rate is less than a percentage point above or below its target.

Core CPI, which excludes food, energy, alcohol, and tobacco costs held steady at a seasonally adjusted 2.3% in February. Analysts' had expected core prices to ease to 2.2%.

The retail price index rose 3.2% last month, compared to expectations for a 3.3% increase, after rising 3.3% January.

Following the release of that data, the pound trimmed losses against the U.S. dollar, with GBP/USD shedding 0.08% to trade at 1.5097.

Meanwhile, European stock markets held on to losses. London's FTSE 100 dipped 0.3%, the EURO STOXX 50 declined 0.7%, France's CAC 40 fell 0.7%, while Germany's DAX slumped 0.6%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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