Inflation has fallen unexpectedly in a lift to Rachel Reeves as she prepares to announce cuts to public spending in her Spring Assertion.
The patron costs index (CPI) eased from 3pc in January to 2.8pc in February, based on the Workplace for Nationwide Statistics (ONS).
Economists had anticipated inflation to stay unchanged, having jumped from 2.5pc in December.
ONS chief economist Grant Fitzner stated: “Clothes costs, notably for girls’s garments, was the largest driver for this month’s fall.”
Inflation stays above the 2pc goal set by the Financial institution of England, which expects inflation to hit 3.7pc within the third quarter of this 12 months.
The slowdown of the tempo of worth rises comes because the Chancellor prepares to talk within the Commons, the place she’s going to set out her plans to maintain the general public funds so as.
Ms Reeves will blame spending cuts on the worldwide market turmoil triggered by Donald Trump as she reveals slashed progress forecasts in her Spring Assertion.
After the newest inflation knowledge, the Chancellor tweeted: “Safety for working folks and renewal for our nation. That’s our mission. And in a altering world we are going to ship.”
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