UK inflation rate falls to 1.7%

The UK’s inflation rate, as measured by the Consumer Prices Index (CPI), fell to 1.7% in February from 1.9% in January, official figures show.

It marks the second consecutive month that the measure has been below the Bank of England’s 2% target.

Inflation measured by the Retail Prices Index (RPI) fell to 2.7% from 2.8% the month before.

The drop in the inflation rate was driven by a fall in the price of petrol.

The Office for National Statistics (ONS) said petrol prices fell by 0.8p per litre between January and February, compared with a rise of 4p a year ago.

It said the price of clothing and footwear had also increased at a slower pace than the same period last year, contributing to the fall in the inflation rate.