Inflation in UK

The rate of inflation in the UK has reportedly fallen to its lowest level in almost two and a half years last month as price rises for food and eating out slowed sharply.

A BBC report noted that February’s drop to 3.4% from 4% means the cost of living is rising at its slowest pace since September 2021.

Food and non-alcoholic drinks, cafes and restaurant prices drove the fall, but alcohol, tobacco, clothing and footwear prices also eased.

However, housing and fuel prices continued to rise rapidly.

One of the key factors driving up housing costs was the average price of renting property privately, which jumped by 9% in the year to February 2024, up from 8.5% in the previous 12 months.

This is the biggest annual percentage change since measurements began in January 2015.

Inflation, the rate at which prices rise over time, has been gradually falling since it hit 11.1% in October 2022, its highest rate for 40 years.

However, prices are not yet falling they are just rising less quickly than they were previously.

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