The fall in UK inflation to zero shouldn’t mask the fact that its 7-year average since the start of the crisis has been 2.6%Stubborn inflation in the face of a Great Recession should temper deflation concerns and there are grounds for wage optimismBofA Merrill Lynch says – “We see 1y1y inflation – the rate for February 2017 – as too low and recommend a 1y1y vs 2y3y inflation flattener at 45bp”

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