CPI inflation, the principle measure of inflation, dropped sharply in February to three.4% from 4% in January, ONS stated immediately.
Falls in meals costs had been the most important issue within the fall, information which is able to cheer many stretched households.
The Shopper 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 stated the most important 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 companies, and motor fuels.
Core CPIH (excluding vitality, 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 price slowed from 1.8% to 1.1%, whereas the CPIH companies annual price eased barely from 6.1% to six.0%.
Core CPI (excluding vitality, 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 price slowed from 1.8% to 1.1%, whereas the CPI companies annual price eased from 6.5% to six.1%.
Nonetheless, in dangerous information for dwelling homeowners and renters the proprietor occupiers’ housing prices (OOH) part of CPIH rose by 6.0% within the 12 months to February 2024, up from 5.4% in January. That is the best annual price since July 1992. OOH prices rose by 0.9% on the month in contrast with a 0.3% improve between January and February 2023.
• This can be a growing story, please examine again later for response and updates.
