UK inflation slowed to 2.8% in February, fuelling hopes of a rate cut

UK inflation came in lower than expected in February, following a 10-month peak in January, raising morale before Chancellor Rachel Reeves’ Spring Statement, due later on Wednesday. 

UK prices rose by 2.8% year-on-year, following a 3% reading in January, mainly driven down by costs sliding 0.6% for clothing and footwear.