South Africa's February inflation rate eases to 4 percent

Turkish Lira Currency Forecast

Turkish Lira Currency Forecast

Official data published on Tuesday showed consumer prices rose by an annual 2.7 percent last month, the weakest increase since July of a year ago.

The British pound dipped on Tuesday, erasing some of its earlier gains after data showed United Kingdom inflation slowed more than expected in February.

The Brexit-driven fall in the pound pushed up inflation over the last 18 months, but those effects are now slowing, and prices are rising more slowly.

Andrew Sentance, senior economic adviser at PwC, said: "It is not a surprise to see United Kingdom inflation starting to fall back".

"We estimate that consumer price inflation dipped from 3.0% in January to 2.8% in February, as the impact of sterling's past depreciation continued to fade", says Liam Peach, an economist at Capital Economics.

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Sterling's slide since the Brexit vote has ratcheted up the pressure on household spending power, climbing from 0.6% shortly after the European Union referendum result to a near six-year high of 3.1% in November 2017.

The BoE expects wages to grow more quickly than inflation later this year.

Britain's annual inflation rate slowed in February as food and transport costs rose by less than one year ago, official data showed on Tuesday.

Petrol prices dropped by 0.2p per litre to 120.8 per litre on the month, while diesel slipped by 0.1p per litre to 124.4p per litre.

Food prices were also applying downward pressure, lifting 0.1% between January and February in contrast to a 0.8% rise the year before.

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Last year's figure was boosted by a shortage of salad and vegetables, when crops in southern Mediterranean countries were hit by bad weather.

The main upward pressure on the cost of living came from clothing and footwear prices, which rose by 1.7% on the month - compared to 1.2% in 2017 - as women's shoes became more expensive.

Inflation fell to a seven-month low last month raising hope that there has been a "turning point" in Britain's Brexit-linked cost-of-living squeeze. The BoE expects pay to rise faster than prices.

As the latest Resolution Foundation report, The Living Standards Outlook, revealed, the last decade has seen the most anaemic rates of wage growth for 200 years. This perception will be key to expectations for the next Bank of England interest rate rise and the performance of Pound Sterling in the short term.

TreasuryONE said in a snap note on Tuesday morning that the inflation print leaves the door open for the SARB to cut interest rates at next week's Monetary Policy Meeting.

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