Data from the Office for National Statistics (ONS) indicated that the headline measure had eased from the 4% rate that was observed in the previous month to a level that had not been seen in nearly 2.5 years.
According to ONS chief economist Grant Fitzner, “pricing increases at the [fuel] pump and a further increase in rental costs were only partially offset by these falls.”
The data indicates that efforts to counteract energy-driven price increases that ensued from Russia’s war in Ukraine are making headway.
The data indicates that while prices are rising overall, they are doing so more slowly than before and are currently at a level that is good.
Over the coming months, inflation is expected to return to below the Bank of England’s target rate of 2%.
Nonetheless, it is generally anticipated that the bank’s interest rate-setting committee will wait until the summer to stop prescribing the medication it has been giving to combat inflation.
It has Thursday to make its most recent rate decision.
