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UK Inflation Steady At 3%

UK consumer prices logged a steady growth in January, the Office for National Statistics showed Tuesday.

Inflation came in at 3 percent in January, the same rate as seen in December. Inflation was forecast to slow to 2.9 percent.

Core inflation that excludes energy, food, alcoholic beverages and tobacco, accelerated to 2.7 percent from 2.5 percent in December. The rate was also above the expected 2.6 percent.

On a monthly basis, consumer prices fell 0.5 percent compared to expectations of 0.6 percent drop.

In a separate communique, the ONS said output price inflation eased to 2.8 percent in January from 3.3 percent a month ago. The rate was expected to fall moderately to 3 percent.

Likewise, input price inflation slowed to 4.7 percent from 5.4 percent in the previous month. Prices were forecast to gain 4.1 percent.

Month-on-month, output prices edged up 0.1 percent and input prices climbed 0.7 percent.

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