U.K. Inflation Falls To Zero In February

U.K. inflation fell to zero for the first time on record in February, the Office for National Statistics showed Tuesday. 

Consumer prices remained flat in February from last year after rising 0.3 percent in January. Prices were expected to rise 0.1 percent. 

On a monthly basis, consumer prices gained 0.3 percent, in line with expectations. In January, prices had dropped 0.9 percent. 

Core inflation that excludes energy, food, alcoholic beverages and tobacco, eased to 1.2 percent from 1.4 percent in January. 

Another report from the ONS showed that output prices fell 1.8 percent annually in February. Economists had forecast prices to drop 2 percent after declining 1.9 percent in January. 

Month-on-month, output prices advanced 0.2 percent in February in contrast to a 0.4 percent drop in the prior month. 

Input prices plunged 13.5 percent year-on-year in February, but slower than January's 14.1 percent fall. On a monthly basis, input prices rose 0.2 percent, reversing a 3.6 percent drop in the prior month. 

Economists had forecast input prices to rise 1.6 percent on month and to fall 12.3 percent from last year.