a The rise in consumer prices in the United Kingdom slowed due to lower prices for raw materials, which fell to 2.7%, despite goods outside the factory recording an increase of 0.4% in February, on an annual basis, as stated in the statement by the British entity.
Grant Fitzner, chief economist at the Office for National Statistics, noted that despite the decline in the CPI, there were increases in petrol prices as well as housing rents and commercial rents.
Inflation continues its downward trend after rising to more than 11% in 2022, following a rise in energy prices due to the Russian invasion of Ukraine.
However, this rate is still above the Bank of England's target of 2%.
The British Central Bank is expected to start cutting interest rates this year, and they are currently at 5.25%, the highest level since 2008.
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Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.
