Official figures show that inflation in Britain eased markedly in February, a development that will help ease the pressure on households who have seen price rises outstrip wage increases for months.

The Office for National Statistics said Tuesday that consumer prices rose by 2.7 percent in the year to February. That was down on January's rate of 3 percent.

The agency said the biggest factors in the drop in the inflation rate were transport and food prices, which rose by less than a year ago.

Though inflation has eased back, many economists think that the Bank of England will raise interest rates again in May, especially after the government secured the outlines of a transition deal for Britain after the country leaves the EU in March next year.