Inflation latest: UK inflation falls to 3.4% as food price rises slow – BBC News

March 20, 2024

Summary

UK inflation falls to 3.4% in the year to February – the lowest level in almost two and a half years
The slower pace of food price rises helped push down inflation, along with soft drinks, restaurants and hotels, the Office for National Statistics said
This effect was partially offset by petrol prices and rental costs
Overall, the cost of living is not falling but prices are rising less quickly than they were previously
Chancellor Jeremy Hunt says the “plan is working” but Labour’s Rachel Reeves calls for an election, saying “Britain cannot afford another five years” of a Conservative government
Inflation was running at 4% in the year to January, the same as December’s rate
Inflation peaked at 11.1% in October 2022 – the government pledged to halve the rate in 2023
The Bank of England, which has a target rate of inflation of 2%, uses the latest figure when weighing up whether to raise or lower interest rates