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UK Inflation stays at 2.3%

UK inflation’s huge surge since the Brexit referendum paused in March, remaining at the same level seen in February, according to the latest release from the Office for National Statistics on this morning.

The ONS said that the UK’s consumer price index — the key measure of inflation — was 2.3%, flat from February, and in line with the forecasts of economists polled before the release.

Core inflation figures, which strip out volatile goods like oil and food fell, dropping from 2.0% in February, to 1.8% in March.

Since the Brexit vote, inflation has jumped, thanks largely to the fall in the value of the pound since the vote. The jump accelerated following the Bank of England’s decision to cut interest rates in August.

Regardless of the breather in March, expectations remain that inflation will continue to jump sharply in the coming months as the effects of the weaker pound — which has fallen roughly 15% since the Brexit vote.

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