Inflation in Britain eased markedly during February, official figures showed Tuesday, in a development that will take some pressure off households who have seen Brexit-related price rises outstrip wage increases for months. The Office for National Statistics said consumer price inflation in the year to February stood at 2.7 percent. That was down on January's rate of 3 percent and takes inflation to its lowest level since July. After all, price increases are still above the Bank of England's 2 percent target. Many economists think that Monday's deal between the British government and the EU on the outlines of a transition period after Brexit day on March 29, 2019, makes a rate hike more likely.

Source: ABC News March 20, 2018 09:45 UTC