The UK Consumer Prices Index (CPI) 12-month rate came in at 1.9% in February, up from January’s 1.8% and bettering the 1.8% print expected, the UK Office for National Statistics (ONS) reported on Wednesday.
Meanwhile, the core inflation gauge (excluding volatile food and energy items) arrived at 1.8% y/y versus 1.9% booked in January while missing the consensus forecast.
The monthly figures showed that the UK consumer prices rebounded 0.5% in February, matching +0.5% expectations and -0.8% last.
Main Points (via ONS):
“Rising prices for food, alcohol and tobacco, and across a range of recreational and cultural goods produced the largest upward contributions to change in the rate between January and February 2019.
The largest, offsetting, downward contribution came from clothing and footwear, with prices rising between January and February 2019 but by less than between the same two months a year ago.”