The UK’s annual inflation rate fell between February and March, but remains twice the Bank of England’s target measure.
The UK’s annual inflation rate fell between February and March, but remains twice the Bank of England’s target measure.
The Office for National Statistics (ONS) reports Consumer Price Index (CPI) annual inflation was 4 per cent in March, down from 4.4 per cent in February. The Bank of England has a target CPI rate of 2 per cent.
The ONS says the fall in inflation is linked to a drop in prices for food and non-alcoholic beverages. Overall, drinks prices fell by 1.4 per cent between February and March this year compared with a rise of 0.3 per cent between the same two months a year ago.
Fruit prices tumbled by 4.7 per cent on the month but rose by 0.7 per cent compared with a year earlier. Bread and cereals prices also fell in March, down by a record 2.6 per cent compared with February.
In the year to March, all items Retail Price Index annual inflation, which includes mortgage payments, was recorded at 5.3 per cent for March, down from 5.5 per cent in February. The ONS says the main factors affecting the CPI also affected the RPI.
