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FILE - A woman selects fruits at a supermarket in London, on Nov. 17, 2021. 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, April 17, 2024. (AP Photo/Frank Augstein, File)

UK inflation falls to lowest level since late 2021 as food prices ease further

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

By AP News
Published - Apr 17, 2024, 02:48 AM ET
Last Updated - Apr 17, 2024, 02:48 AM EDT

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.

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.

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