UK inflation slowed last month on the back of lower petrol prices but remained in double figures as household budgets continue to come under pressure. The latest figures from the Office for National Statistics (ONS) revealed that Consumer Prices Index (CPI) inflation fell to 10.1 per cent in March from 10.4 per cent in February.
However, it remained higher than experts had predicted as food and drink prices continued to soar - economists had forecast it would be 9.8 per cent. ONS chief economist Grant Fitzner, said: “Inflation eased slightly in March, but remains at a high level.
“The main drivers of the decline were motor fuel prices and heating oil costs, both of which fell after sharp rises at the same time last year. Clothing, furniture and household goods prices increased, but more slowly than a year ago, these were partially offset by the cost of food, which is still climbing steeply, with bread and cereal price inflation at a record high.”
