The Office for National Statistics (ONS) has revealed that the Consumer Price Index (CPI) has dropped to 10.1% in the 12 months to March 2023, down from 10.4% in February.
Following the first increase in February after three consecutive drops in the months prior, inflation has now returned to the level it was in January this year.
The CPI including owner occupiers’ housing costs (CPIH) also fell to 8.9%, compared to 9.2% in February.
According to ONS data, the largest downward contributions to the monthly change in both the CPIH and CPI rates came from motor fuels, and housing and household services.
They were partially offset by upward contributions from food and recreation, and culture goods and services.
Meanwhile, the latest House Price Index (HPI) data — released in tandem with the inflation figures — showed that UK average house prices rose by 5.5% in the year to February 2023.
Average house prices came in at £288,000, marking a slight decrease from the previous month’s figure.
