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The decline was bigger than the 1.9% analysts had anticipated, and means that inflation is below the central bank's target rate of 2% for the first time since 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. Consumer prices rose by 3.2% in the year ...
It said stubbornly high inflation in the crucial services sector, which accounts for around 80% of the U.K. economy, and an increase in fuel prices was largely behind the overall increase.
The Office for National Statistics said that inflation dropped to 3.9% in the year to November, its lowest level since September 2021, from 4.6% the previous month. That decline was bigger than ...
Thomas Pugh, economist at RSM UK, said: “The sharp drop in inflation to just 1.7%, the first sub 2% reading since April 2021, effectively nails on a 0.25 percentage point rate cut next month.
The UK was reported to be among the worst affected among the world's advanced economies. In 2021, the UK's inflation was less than that of the US, but high US inflation was not generally experienced as a cost-of-living crisis due to the stimulus cheques that had been distributed to American households. [8]
UK food and drink prices rose by 19.2% in the year to March 2023, a 45-year high. [208] [209] On 3 August the BoE raised the interest rate to 5.25%, the highest since 2008. [210] The UK entered a technical recession in the final six months of 2023. [211] [212] Germany's inflation rate reached 11.7% in October 2022, the highest level since 1951 ...
The UK inflation rate has gone up for the second month in a row, with prices rising at their fastest pace since March. What does it mean for you? The main measure of inflation - looking at how ...