'Picture remains bleak' despite inflation fall to 2.7% in February

The 12-month rate is at its lowest since March 2017, after remaining at 3% in December and January, as the post-referendum fall in sterling continues to drop out of the figures. Inflation numbers put further pressure on BoE to hike rates in May The ONS said all the broad categories of goods and services except communication had an upward effect on the Consumer Prices Index 12-month rate of 2.7% in February 2018, while communication had a small downward effect on the rate, with prices falling by 0.3% in the year. Conversely, the rate for alcohol and tobacco, at 5.7%, was the highest si...