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UK inflation hits a 15-month low in February

The rate of inflation hit a 15-month low in February, according to the Office for National Statistics, but failed to ease fears that high oil prices may prevent it falling as quickly as previously thought.

The consumer prices index (CPI) measure of inflation dipped to 3.4%, compared to 3.6% in January.

The retail prices index (RPI) measure of inflation fell to 3.7% from 3.9%.

The Bank of England’s target for inflation – is to get CPI to 2%.

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