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The UK Consumer Prices Index (CPI) 12-month rate came in at 1.8% in January, down from December’s 2.2% and missing the 1.9% print expected, the UK Office for National Statistics (ONS) reported on Wednesday.  

Meanwhile, the core inflation gauge (excluding volatile food and energy items) arrived at 1.9% y/y versus 1.9% booked in December while matching the consensus forecast.

The monthly figures showed that the UK consumer prices dropped to -0.8% in January, missing -0.7% expectations and 0.2% last.