UK Inflation Falls to 3.4% in February 2024
CPI shows a decline from January's 4.0%
Encouraging signs for UK economy
According to the latest figures from the Office for National Statistics (ONS), the Consumer Prices Index (CPI) rose by 3.4% in the 12 months to February 2024, down from 4.0% in January. This represents a welcome decline in inflation, which has been a major concern for the UK economy in recent months.
The fall in inflation is likely due to a number of factors, including the easing of global supply chain disruptions and a decrease in energy prices. However, the Bank of England has warned that inflation is still too high and further interest rate hikes may be necessary.
Despite the recent decline, inflation remains well above the Bank of England's target of 2%. This suggests that the UK economy is still facing inflationary pressures, which could put a strain on household budgets and business profits.
The next Consumer Price Index (CPI) report is due to be released on March 23, 2024. This report will provide further insights into the trend of inflation in the UK and will help the Bank of England decide on its monetary policy.
Comments