According to the Office for National Statistics, the inflation rate in the UK decreased to the lowest it has been since September 2021, with consumer price inflation dropping to 3.2 percent in March from 3.4 percent in February. This figure is slightly higher than the predicted inflation rate of 3.1 percent.
Core inflation, which does not include costs of energy, food, alcohol, and tobacco, also experienced a decrease, falling from 4.5 percent in February to 4.2 percent in March. This rate was slightly above the predicted 4.1 percent.
On a month-to-month basis, the consumer price index rose by 0.6 percent, maintaining the same level of growth as in February.
Additional data from the Office for National Statistics revealed a decrease in input prices by 2.5 percent in the year leading up to March, a larger decrease than the revised fall of 2.2 percent in the year leading up to February.
However, factory gate inflation witnessed an increase from 0.4 percent to 0.6 percent from the previous month. For the month of March, input prices fell by 0.1 percent while output prices went up by 0.2 percent.
