UK Inflation Drops More Than Expected in February
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UK inflation eased more than expected from 3.0% in January to 2.8% in February. The Office of National Statistics (ONS) revealed that the UK’s inflation rate dropped to 2.8% in February, compared to economists’ predictions of a 2.9% drop. The slowdown was mainly due to a significant drop in clothing and shoes prices for the first time in over three years. The CPI rose 0.4% in February of this year compared to 0.6% in February last year. The CORE CPI (excluding tobacco, alcohol, food, and energy) also rose by 3.5%, down from 3.7% in January.
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