CPI inflation falls sharply to three.4%



CPI inflation, the principle measure of inflation, dropped sharply in February to three.4% from 4% in January, ONS mentioned at present.

Falls in meals costs had been the largest issue within the fall, information which can cheer many stretched households.

The Client Costs Index together with proprietor occupiers’ housing prices (CPIH) rose by 3.8% within the 12 months to February 2024, down from 4.2% in January. On a month-to-month foundation, CPIH rose by 0.6% in February 2024, in contrast with an increase of 1.0% in February 2023.

On a month-to-month foundation, CPI rose by 0.6% in February 2024, in contrast with an increase of 1.1% in February 2023.

ONS mentioned the largest downward contributions to the month-to-month change in each CPIH and CPI annual charges got here from meals, and eating places and cafes, whereas the biggest upward contributions got here from housing and family providers, and motor fuels.

Core CPIH (excluding power, meals, alcohol and tobacco) rose by 4.8% within the 12 months to February 2024, down from 5.1% in January; the CPIH items annual charge slowed from 1.8% to 1.1%, whereas the CPIH providers annual charge eased barely from 6.1% to six.0%.

Core CPI (excluding power, meals, alcohol and tobacco) rose by 4.5% within the 12 months to February 2024, down from 5.1% in January; the CPI items annual charge slowed from 1.8% to 1.1%, whereas the CPI providers annual charge eased from 6.5% to six.1%.

Nonetheless, in dangerous information for house house owners and renters the proprietor occupiers’ housing prices (OOH) element of CPIH rose by 6.0% within the 12 months to February 2024, up from 5.4% in January. That is the best annual charge since July 1992. OOH prices rose by 0.9% on the month in contrast with a 0.3% improve between January and February 2023.

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