(MENAFN) According to official data released on Wednesday, the United Kingdom witnessed a decline in its annual inflation rate to 3.2 percent in March, marking the lowest reading since September 2021.
The Office for National Statistics (ONS) reported a decrease from February's figure of 3.4 percent. This easing in inflation was attributed to consumer prices rising by a modest 0.6 percent on a monthly basis, compared to a slightly higher increase of 0.8 percent during the same period last year.
The Office for National Statistics highlighted specific factors influencing the monthly change in consumer prices. Among these, the notable downward contribution stemmed from food prices, indicating a moderation in the cost of essential goods. Conversely, the largest upward contribution to the monthly change came from motor fuels, reflecting the ongoing volatility in energy prices and its impact on transportation costs.
This latest data offers insights into the evolving inflationary pressures within the UK economy. The moderation in inflation rates suggests some stabilization in price dynamics, potentially alleviating concerns about rapid cost escalation for consumers and businesses. However, ongoing fluctuations in key sectors, such as food and energy, underscore the need for continued vigilance in monitoring price movements and their broader economic implications.
"Core CPI (excluding energy, food, alcohol, and tobacco) rose by 4.2 percent in the 12 months to March 2024, down from 4.5 percent in February," it stated.
MENAFN17042024000045015839ID1108105541
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.