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Price inflation falls to 3% in February

The rate of consumer price inflation fell in February, ONS data showed.

The Consumer Prices Index (CPI) was up 3% in the month, compared to 3.5% in January, while the Retail Prices Index (RPI) was unchanged at 3.7%.

Clothing and footwear was the only large upward contributor to the CPI. The ONS said: “Within this division, the most significant upward effect came from women’s outerwear where, overall, prices rose by more than a year ago.”

Analyst Capital Economics said the figures “should provide some reassurance that, beneath the special factors that have affected inflation in recent months, underlying price pressures in the UK economy remain encouragingly subdued.”

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