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In the latest UK inflation figures, the Consumer Prices Index (CPI) has dropped to 2.7 per cent in February — from 3 per cent in January, suggesting the squeeze on households may be ending.
The Office for National Statistics (ONS) will publish the latest pay growth figures tomorrow.
Talking about it, the ONS’s Phil Gooding said: “Hotel prices also fell and the cost of ferry tickets rose more slowly than last year, when prices were collected on Valentine’s Day when many people could have been taking mini-breaks.
“There were some signs of slowing price rises in the cost of products leaving factories, with food and petroleum products prices falling. Inflation of raw materials is also slowing down following high annual inflation in 2017, with prices of crude oil lower than in January.
“House price growth remained steady, with prices increasing strongly across much of the country, although London and the North East are both lagging behind,” he added.