UK inflation was lower than expected, at 3.4% year-on-year in February, its lowest point since September 2021. Downward pressure came from food, restaurants, and cafes, while housing and fuel pushed prices up. Core inflation, excluding volatile items, was 4.5%, below estimates. The Bank of England expects headline inflation to temporarily hit 2% in Q2 before rising again. It meets on Thursday and is expected to keep rates at 5.25% as it weighs rate cuts.
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00:00 It's Benzinga and here's what's on the block. UK inflation came in lower than expected at 3.4%
00:05 year-on-year in February, its lowest point since September 2021. Downward pressure came from food
00:10 restaurants and cafes while housing and fuel pushed prices up. Core inflation excluding
00:15 volatile items was 4.5% below estimates. The Bank of England expects headline inflation to
00:20 temporarily hit 2% in Q2 before rising again. It meets on Thursday and is expected to keep rates
00:27 at 5.25% as its weight rate cuts. For all things money visit Benzinga.com