United Kingdom inflation falls to 2.7 percent in February

United Kingdom inflation falls to 2.7 percent in February

Also pushing down on inflation was a slower rise in the price of ferry tickets, which previous year were monitored over Valentine's Day when many people could have been taking breaks, the ONS said.

The Brexit-driven fall in the pound pushed up inflation over the last 18 months, but those effects are now slowing, and prices are rising more slowly. Bank of England Governor Mark Carney said confirmation of a transition deal, which should give some certainty to businesses, could make the bank reassess its outlook for the economy.

"Consumer Price Index (CPI) inflation is likely to average around 5.5 percent for next year, and over the longer-term and so the SARB is unlikely to cut interest rates on this basis".

"Hotel prices also fell and the cost of ferry tickets rose more slowly than past year, when prices were collected on Valentine's Day, when many people could have been taking mini-breaks".

Meanwhile, annual core inflation rate which excludes cost of food, non-alcoholic beverages, petrol and energy was unchanged at 4.1 percent in February, remaining at its lowest level since December 2011.

February's slowdown in part reflected how prices jumped in the same month past year.

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Motor fuels and food costs look set to be the main drivers behind inflation's fall, as a push from supermarkets to pass higher import prices down to consumers starts to wane.

The BoE expects wages to grow more quickly than inflation later this year.

The figures come two days before the Bank of England's next interest rate decision but are unlikely to change expectations about the timing of the next hike - with many experts pencilling in May for a rate rise but others urging the Bank to stay its hand until later.

It increased interest rates in November for the first time in more than a decade. This was the weakest since last July, when prices rose 2.6%.

It also said it believed inflation would fall back to the Bank's 2% target this year.

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