South African Inflation Eases In February

South African Inflation Eases In February

The Consumer Price Index (CPI) measure of inflation fell to 2.7% in February, from 3% the month before, the Office for National Statistics (ONS) said.

The Bank of England expects wages to grow more quickly than inflation later this year.

Inflation in the United Kingdom has fallen to its lowest level since July previous year, handing some relief to cash-squeezed households as the impact of the Brexit-hit pound starts to disappear.

Transport prices dragged on the cost of living in February, securing a smaller month-on-month rise of 0.5% in contrast to 1.2% past year.

The Consumer Prices Index including owner-occupiers' housing costs (CPIH) - the ONS' preferred measure of inflation - was 2.5% last month, down from 2.7% the month before.

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Sterling's slide since the Brexit vote has ratcheted up the pressure on household spending power, climbing from 0.6% shortly after the European Union referendum result to a near six-year high of 3.1% in November 2017.

Petrol prices fell on the month and food prices rose more slowly than in February 2017, he said.

Britain's annual inflation rate slowed in February as food and transport costs rose by less than one year ago, official data showed today.

Food prices rose by 0.1% between January and February, compared with a 0.8% rise the year before.

Mel Stride, financial secretary to the Treasury, said: "We know families feel the cost of living at the end of every working week".

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"Whilst we are moving back towards a position where there will be growth in real wages, that is wages adjusted for inflation, any substantial growth in real living standards is still some way off".

The move in inflation came largely in response to the double digit referendum-induced devaluation of Sterling, which raised the cost of imported goods for companies and consumers.

It increased interest rates in November for the first time in more than a decade.

In the contrary, Luigi Marinus, portfolio manager at PPS Investments said, "This relatively low level of inflation will put pressure on the Reserve Bank to cut interest rates in their next meeting".

"Core inflation probably fell back too, from 2.7% in January to 2.5%, which is likely to mark the beginning of a more sustained downward trend in inflation this year".

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Jacob Deppe, the head of trading at online trading platform Infinox, added: "While the Monetary Policy Committee (MPC) meets on Thursday it seems highly unlikely that it will agree to hike rates just yet".

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