The Office for National Statistics said annual inflation as measured by the consumer prices index fell to 10.1%, continuing a decline from 10.5% in December and its recent peak of 11.1% in October. City economists had forecast a drop to 10.3%.
The fall was driven by the drop in petrol and diesel prices, as well as air and coach travel prices falling back after a steep rise in December. Restaurant and takeaway prices also fell month on month.
The ONS figures come as the Bank considers whether further rate rises are warranted to tackle inflation, a move that would add to pressure on borrowers after 10 successive rate increases in the past 18 months.
This story is from the February 16, 2023 edition of The Guardian.
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This story is from the February 16, 2023 edition of The Guardian.
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