In February, UK inflation fell to 3.4%, primarily due to reduced food price growth, approaching the Bank of England's 2% target.
UK inflation fell to 3.4% in February, its lowest level in nearly three years, as food price growth lessened for cash-strapped households. The Office for National Statistics reported that the largest downward contributions to inflation came from food, restaurants, and cafes, with the largest upward pressure coming from housing and fuel. The decrease in inflation brings the UK closer to the Bank of England's 2% target and may impact expectations for future interest rate decisions.
March 19, 2024
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