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UK CPI inflation eases to 1.7% in February

UK CPI inflation eases to 1.7% in February

U.K. consumer prices slowed from the highest level in six months recorded in January on cheaper petrol prices, data from the Office for National Statistics showed Wednesday.

The CPI inflation measure saw a deceleration to 1.7 percent in the year ended February, moving in line with forecasts, down from a previous of 1.8 percent.

The drop in the prices of motor fuels, and games, toys and hobbies offset price increases for recording media, and for restaurant and hotel services, the ONS said.

The ease in inflation should give some relief to households currently suffering from the impact of the Covid-19 outbreak, which resulted in a lockdown in the United Kingdom.

The annual core CPI reading, however, accelerated from 1.6 percent in January to 1.7 percent last month.

As of 07:42 GMT, the pound traded higher for a second straight session versus the U.S. dollar at 1.1834, ahead of the release of U.S. durable goods orders data later in the day.

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