UK Inflation Slows to 2.5 Year Low

Inflation in the UK fell to 3.4 per cent in February, down from 4 per cent in January and edging closer to the bank’s target of 2 per cent.

The drop means the cost of living is rising at its slowest pace since September 2021, when it stood at 3.1 per cent.

Inflation, the rate at which prices rise over time, has been gradually falling since it hit 11.1 per cent in October 2022, its highest rate for 40 years.

The Office for National Statistics said slowing food price inflation was the main reason for the drop.

However, prices are not yet falling they are just rising less quickly than they were previously.