UK inflation falls to 3.2% in March

Inflation fell to 3.2% in the year to March, down from 3.4%, as cost of living pressures continued to ease.

The drop was largely due to food prices slowing sharply, according to the Office for National Statistics (ONS).

Inflation, the rate at which prices rise over time, has been falling gradually since it peaked in late 2022.

However, prices are not falling they are just rising less quickly than they were previously.

Wednesday’s new figures mean that the cost of living stands at its lowest level in two and a half years.

But Grant Fitzner, chief economist for the ONS, said that rising fuel prices off-set lower costs elsewhere.