Experts say 'positive news' as they give verdict on what inflation drop will mean for homeowners
manchestereveningnews.co.ukInflation in the UK has dropped to the lowest level in more than two years, official figures show. The latest data from the Office for National Statistics (ONS) has revealed that February's Consumer Prices Index inflation stood at 3.4 percent - down from 4 percent in January.
Figures fell by 'more than expected' with most economists predicting inflation to stand at 3.5 percent last month. The inflation figure is now edging much closer towards the government’s two per cent target in a positive move for the economy.
The data comes ahead of the latest interest rate decision which is set to be announced by the Bank of England on Thursday (March 21).
It is expected that the Monetary Policy Committee will hold the base rate at 5.25 per cent this time around, but the positive inflation news may encourage the Bank to cut rates later this year. READ MORE: 'I transformed my house for £93 with Aldi's new homeware range' Interest rates have a direct affect on mortgages and determine how much your monthly payments may be.
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