UK's Annual Inflation Rate Hits 3.4% in February, Below Expectations

The Office for National Statistics released a report on Wednesday revealing that the annual inflation rate in the United Kingdom reached 3.4% in February, slightly lower than what analysts had anticipated. On a month-to-month basis, consumer prices saw a 0.6% increase. The report also detailed that the Consumer Prices Index including owner occupiers' housing costs (CPIH) experienced a 3.8% year-over-year growth, with a 0.6% rise from January. Furthermore, the Consumer Price Index (CPI) excluding food, energy, alcohol, and tobacco recorded a 4.5% annual increase and a 0.6% rise on a monthly basis.