Rate of inflation in UK falls but remains above 10% as figures show record costs for some essential foods
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New figures released by the ONS have revealed that the rate of inflation in the UK has dropped slightly. It does however remain above the still relatively high level of 10%.
The rate of inflation is 10.1% and according to the ONS has reflected the change in price of various items such as household goods and furniture. Hotel and restaurant prices also had an impact on this level.
Figures from the Consumer Price Index show that the rate of inflation has dropped from February to March. In February, the rate was marked at 10.4%.
Food prices rose sharply however, now at 19.1% from 18.2% the previous month. Supermarket basics including cereal and bread are at a record high, the ONS noted.
According to the ONS, the largest upward contributions to the annual CPIH inflation rate in March 2023 came from housing and household services (principally from electricity, gas and other fuels), and food and non-alcoholic beverages. Chancellor Jeremy Hunt said that the latest ONS figures "reaffirm exactly why we must continue with our efforts to drive down inflation so we can ease pressure on families and businesses".
Mr Hunt added that it is important to continue to “ease pressure on families and businesses”. He added: "We are on track to do this – with the OBR forecasting we will halve inflation this year - and we’ll continue supporting people with cost of living support worth an average of £3,300 per household over this year and last, funded through windfall taxes on energy profits."