Tuesday, a report from the Office for National Statistics said UK's annual inflation in March eased to 2.9% from 3.2% in February. The annual rate came in line with economists' expectations and reached the lowest since March 2008. The largest downward contribution to the change in the CPI annual rate came from housing and household services.

Consumer prices rose 0.2% in March from February as expected by economists.

The ONS said the retail price index stood at 211.3, slightly down from 211.4 in February. Retail prices dropped 0.4% in March from the previous year, after staying flat in February. The annual rate was the lowest since March 1960. Economists were looking for an annual 0.5% fall.

RPIX inflation that excludes mortgage interest payments was 2.2% in March versus 2.5% in February.

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