UK inflation has dropped to 10.1% in March, down from 10.4% in February, albeit with food prices accelerating at their fastest rate in more than 45 years.
While CPI has returned to January’s levels of 10.1%, it has remained at double-digit levels every month since August 2022’s level of 9.9%.
On a monthly basis, CPI inflation rose by 0.8% in March alone, according to the Office for National Statistics.
Food and non-alcoholic beverage inflation jumped to 19.1% in March, up from 18% in February.
Food prices alone rose by 19.6%, with milk, eggs, olive oil, bread and cereal, meat, and fish among the items seeing the biggest jumps in prices.
Vegetable prices also rose 19.3%, while fruit was 10.6% more expensive.
The Bank of England is expected to raise interest rates further, with the goal of keeping inflation at 2% in the medium term.
