UK inflation dropped to a fresh two-and-a-half year low in March on the back of a further easing in food prices, official figures have shown.
The Office for National Statistics (ONS) said that Consumer Prices Index inflation stood at 3.2% in March, down from 3.4% in February.
It marks the lowest level since September 2021, but was nonetheless slightly higher than economists expected.
Economists had predicted a reading of 3.1% for the month.
In the year to March 2024:
— Office for National Statistics (ONS) (@ONS) April 17, 2024
▪️ Consumer Prices Index including owner occupiers’ housing costs (CPIH) rose by 3.8%, unchanged from February
▪️ Consumer Prices Index (CPI) rose by 3.2%, down from 3.4% in February.
➡️ https://t.co/nCQnoLmeo5 pic.twitter.com/3cwyIBnHxH
ONS chief economist Grant Fitzner said: “Inflation eased slightly in March to its lowest annual rate for two and a half years.
“Once again, food prices were the main reason for the fall, with prices rising by less than we saw a year ago.
“Similarly to last month, we saw a partial offset from rising fuel prices.”
