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UK inflation held steady in February

Mar 22, 2016, 15:06 IST

People are silhouetted on the balloon surface being inflated during the 38th International Hot Air Balloon Week in Chateau-d'Oex, Switzerland January 23, 2016. For nine days balloonists from 15 countries take part in the ballooning event in the Swiss mountain resort famous for ideal flight conditions due to an exceptional microclimate.Reuters/Denis Balibouse

UK inflation came in at 0.3% for February, according to official figures released on Tuesday.

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The Office for National Statistics says the consumer price index - the key measure of inflation - held steady at 0.3%.

The year-on-year figure, the most watched measure, was the same as in January, holding at the highest level in over a year, but disappointing against a forecast of 0.4% from economists.

Core inflation figures, which strip out volatile goods like oil and food, also held steady at the same reading as February - 1.2%.

Prior to the last couple of months, inflation had stayed between -0.1% and 0.1% for 10 months due to a collapse in oil prices and a supermarket price war that has led to slashed prices.

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The reading is well below the 2% wanted by Britain's policymakers. UK inflation hasn't been higher than 2% since late 2013. Here's how inflation over the past few years looks:

ONS

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