Price rises are continuing to slow down and UK inflation is now at its lowest level for two and a half years.
The consumer prices index (CPI) measure of inflation eased to 3.2% in the 12 months to March 2024, from 3.4% in February, the Office for National Statistics (ONS) said.
Inflation has been falling gradually since hitting a peak of 11.1% in October 2022.
The largest downward contribution to the change in CPI in March came from food, with prices rising by less than a year ago. The largest upward contribution came from petrol and diesel costs, which rose this year but fell a year ago.
Prices for food and non-alcoholic beverages rose by 4% in the year to March 2024 and there were decreases in price for some food items, including chocolate biscuits, crumpets and meat.
Food inflation is down from 19.2% in March 2023, the highest annual rate seen for over 45 years.
Responding to the data, the Joseph Rowntree Foundation said that food prices have increased by 30% compared to April 2021, when prices started to accelerate.
The organisation called on the UK government to build an ‘Essentials Guarantee’ into Universal Credit to ensure that people always have enough to afford the essentials.
