Prices rose an average of 0.6 percent in March, compared with 3.2 percent year-on-year. (Image by Photocon/Shutterstock)
Consumer prices in the UK rose by 3.2 per cent year-on-year in March, the ONS said. Analysts had expected a slightly larger decline in inflation to 3.1 percent. Inflation was 3.4 percent in February and 4.0 percent in January.
Officials also reported that consumer prices rose 0.6 percent in March on a month-over-month basis. Experts had expected an increase of just 0.4 percent.
Despite the decline, British inflation is higher than inflation in the Eurozone. In the common currency area, inflation stood at 2.4 percent in March. Inflation is also slowing significantly in the United Kingdom: it rose to 11.1 percent in autumn 2022.
The British central bank raised interest rates significantly due to the high cost of living. However, lower key interest rates are expected this year due to weaker inflation. The timing and extent of monetary policy easing is uncertain.
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