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%.
Georgia Republicans choose Amy Kremer, organizer of pro
How Impax Environmental Markets invests for profit and to improve the planet: INVESTING SHOW
World's biggest bridges revealed after collapse of colossal Baltimore landmark
Biden pledges 'relentless diplomacy' on global challenges
Yu Darvish extends scoreless innings streak to 25 in Padres' 9
Best credit cards rated: Top for cashback, rewards and clearing debt
Elon Musk says AI has 'more positives than negatives' as he launches his own anti
What you need to know about investing in a VCT and the 30% tax break
Red Lobster seeks bankruptcy protection after closing some restaurants
Dividend hero SAINT's manager on the best shares for income and growth
Medics remove 150 MAGGOTS from a woman's mouth after dental procedure left her with rotting tissue
More than 214k vehicles seized by police forces last year