UK Inflation Falls to Near Two and a Half-Year Low of 3.4%
Wednesday, 20 March 2024, 07:10
UK Inflation Update
Reported by the ONS, UK inflation has fallen to a near two and a half-year low of 3.4%. The largest downward contributions to inflation were observed in food, restaurants, and cafes categories. Prices for food and non-alcoholic beverages have risen by 5.0% in the year to February 2024.
Price Fluctuations in Food Categories
- Prices for bread and cereals rose by 0.3% on the month.
- The annual rate for bread and cereals in February 2024 was at 6.0%, the lowest since March 2022.
Other classes like meat, vegetables, and milk, cheese, and eggs have also observed downward trends in annual rates.
The report reflects an overall easing in prices in most food categories, with oils and fats being the exception.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.