UK inflation rate drops to zero in February

UK inflation rate drops to zero in February

Published at: 2015-03-25 10:17 | Author: CIJ Journal
The UK inflation rate drop to zero in February from 0.3 percent in January, according to the Office for National Statistics. Lower prices for food and computer goods were a main driver behind the country’s lowest-ever CPI reading. The drop surprised many analysts who were predicting a rate of 0.1 percent.
“Despite inflation dropping to zero, it is unlikely we will see falling prices for a prolonged period, particularly as the pressure from lower oil prices fades,” said Rain Newton-Smith, director of economics at the business lobby group CBI. “With the Monetary Policy Committee still alert to the risk of very low inflation becoming entrenched, a rise in interest rates anytime soon seems off the cards.”

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