UK inflation falls more than expected to 2.8% in February

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Financial Times 3d ago

UK inflation falls more than expected to 2.8% in February - Financial Times

Quick Summary:

On house prices, the ONS said the UK average rose by 4.9 per cent to £269,000 in the 12 months to January, marking the sixth consecutive increase and the highest average price since January 2023.

But services inflation, a key indicator of domestic price pressures, was unchanged at 5 per cent, disappointing analysts’ expectations for a decline to 4.9 per cent.

Traders also raised their bets that the BoE would deliver two further quarter-point rate cuts this year from 60 per cent to 75 per cent, according to levels implied by the swaps market.