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Inflation remains above Bank of England target just hours before interest rates decision

Inflation is still stuck above the Bank of England’s target as the Consumer Prices Index rose by 3.4 percent, down from four percent, in January.

It comes as the Bank of England’s Monetary Policy Committee (MPC) prepares to meet at around midday on Thursday for its decision on interest rates.

The base rate is currently at a 16-year high of 5.25 percent and Governor Andrew Bailey has consistently offered his fight against inflation as a central reason for this.

The MPC decides on monetary policy that it believes will allow the bank to keep inflation at or below its target of two percent.

On a monthly basis, CPI rose by 0.6 percent in February 2024, compared with a rise of 1.1 percent in February 2023.

According to the Office of National Statistics, the largest downward contributions to the monthly change in both CPIH and CPI annual rates came from food, restaurants and cafes. Conversely, the largest factors pushing these rates upward were housing and household services, along with motor fuels.

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