The rate of inflation has come down, barely. This morning’s update from the Office for National Statistics shows inflation fell to 10.1 per cent on the year in March, down from 10.4 per cent in February. The rate remains in the double digits, where it has hovered since September 2022. Today’s update takes the rate back down only to where it was in January.
A trend has emerged with inflation data in the UK. As predicted across the board, energy prices are falling at significant pace, with the largest ‘downward contributions’ in March coming from a drop in motor fuel prices – which fell by 5.9 per cent in the year to March 2023, compared with a rise of 4.6 per cent in February. But these price drops are being offset by a rise in domestic costs. Food costs spiralled once again – this time at the fastest rate in 45 years – up 19.1
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