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UK Inflation Pressure Dips

A leading indicator of underlying inflation in Britain slipped back slightly in March from a near two-year high in February, a leading research body said on Friday.

The Economic Cycle Research Institute (ECRI), a New York-based body that specialises in monitoring turning points in the business cycle, said its Future Inflation Gauge fell to 106.2 from an upwardly revised 106.6 in February.

The index's smoothed annualised growth rate dropped sharply to 2.2 percent from an upwardly revised 3.6 percent.

"Despite the latest dip, the UKFIG is still in a cyclical uptrend, suggesting that U.K. inflation is still elevated." it added.

The official rate of underlying inflation, RPIX, which excludes mortgage interest payments, was steady at 3.0 percent in March, its highest since May 1998 and above the Bank of England's government-set target of 2.5 percent.