UK inflation fell to lowest level in 2.5 years in February
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In February, the UK inflation rate was 3.4% year on year. This is a larger decline in the consumer price index (CPI) compared to January than experts had expected, and is the lowest level since September 2021, when inflation stood at 3.1%. Such data cited by the UK Office of National Statistics in its monthly report.
In January 2024, inflation reached 4%, and most experts surveyed Reuterswere inclined to believe that in February it would slow down to 3.5%.
The main contribution to the decline in inflation in February was made by the slowdown in price growth for most categories of goods and services, including food and soft drinks, alcohol and tobacco products, communications, where prices increased the least. Experts estimate that UK inflation will continue to slow through the spring months, reflecting a sharp year-on-year decline in natural gas prices and stabilization in food prices. The Bank of England expects the consumer price index to fall below 2% in April and remain there for most of the summer.
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