UK inflation falls to lowest level since late 2021 as food prices ease further
LONDON (AP) — Inflation in the U.K. fell to its lowest level in two and a half years in March after a further easing in food prices, official figures showed Wednesday, a development which could further pave the way for a welcome cut in interest rates soon.
Consumer prices rose by 3.2% in the year to March, down from 3.4% in February, the Office for National Statistics said. That’s the lowest level since September 2021.
The fall in the annual rate was not as big as anticipated. Economists had predicted a reading of 3.1% for the month.
Inflation is still running higher than the Bank of England’s target of 2% but the direction of the move appears clear. Inflation hit a high above 11% at the end of 2022 in the wake of Russia’s invasion of Ukraine, which led to sharp increases in energy costs.
The fall means the U.K.'s inflation rate is lower than the U.S.'s for the first time in two years. In March, inflation in the U.S. rose to 3.5%.
Related articles
Kosovo prepares a new draft law on renting prison cells to Denmark after the first proposal failed
PRISTINA, Kosovo (AP) — Kosovo’s Cabinet renewed efforts with a new draft law on renting a prison in2024-05-21Biden warns Netanyahu US will NOT support Israel's counterattack on Iran amid fears of all
President Joe Biden told Israeli Prime Minister Benjamin Netanyahu that the US will not support any2024-05-21Myles Turner scores 31, Pacers avoid play
INDIANAPOLIS (AP) — Myles Turner had 31 points and Pascal Siakam scored 28 as the Indiana Pacers bea2024-05-21Underwater dragon dance staged in China's Qingdao
(Xinhua) 09:19, February 04, 2024Tourists watch underwater dragon dance performance at Qingdao Polar2024-05-21Devout Christian doctor, 68, who punched dementia
An 'arrogant' doctor who punched a vulnerable patient for making a racist comment and spitting at hi2024-05-21House Speaker Mike Johnson says he will push for aid to Israel and Ukraine this week
WASHINGTON (AP) — House Speaker Mike Johnson said Sunday he will try to advance wartime aid for Isra2024-05-21
atest comment