Core consumer prices increased by a solid 0.2% m/m in February, extending the run of firmer monthly gains and pushing the three-month annualised core inflation rate up to a decade high of 3.1%. Admittedly, the 12-month annual core inflation rate was unchanged at 1.8% last month, but it will jump back above 2% this month, when the sharp drop in wireless telephone services prices drops out of the calculation.
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