UK inflation slows to lowest level since September 2021

London, UK: Britain s annual inflation rate fell more than expected in February, official data showed Wednesday, fuelling speculation that the Bank of...

London, UK: Britain's annual inflation rate fell more than expected in February, official data showed Wednesday, fuelling speculation that the Bank of England will cut interest rates this year.

Inflation reached 3.4 percent last month -- the lowest level since September 2021 -- after hitting 4.0 percent in January, according to the Office for National Statistics.

The consensus had been for consumer prices to rise by 3.5 percent in February, according to a Bloomberg survey.

Inflation remains well above the Bank of England's two-percent target.

The BoE is widely expected to keep its main interest rate on hold in an announcement due Thursday following its latest regular monetary policy meeting.