UK inflation rate falls to four-year low of 1.7%

Figures show that a fall in petrol prices pushed the UK inflation rate to a new four-year low of 1.7% last month dipping below the Bank of England's 2% target.

It is the second consecutive month that the Consumer Prices Index rate has been below BoE's target.

Inflation measured by the Retail Prices Index (RPI) fell to 2.7% in February from 2.8% the month before.

The fall in the rate of inflation means that the gap between pay increases and the rise in prices is narrowing. Prices have been rising faster than pay almost continually since the start of the financial crisis in early 2008.

Average total earnings rose 1.4% in the three months to January, compared with a year ago, according to the ONS' latest figures.

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