Industry reacts to inflation falling to 8.7% and house prices dropping to £285,000
The Office for National Statistics (ONS) has revealed that the Consumer Price Index (CPI) has dropped to 8.7% in the 12 months to March 2023, down from 10.1% in March.
Section: NEWS
The latest figures show CPI at its lowest since March 2022 (7.0%), and it’s the first time rates have fallen below 10% since August 2022 (9.9%).
The CPI including owner occupiers’ housing costs (CPIH) also fell to 7.8%, compared to 8.9% in March.
According to ONS data, the largest contributor to CPI was food and non-alcoholic beverages at 19.1%, down only slightly from 19.2% in March 2023.
Meanwhile, the latest House Price Index (HPI) data — released in tandem with the inflation figures — showed that UK average house prices rose by 4.1% in the year to March 2023.
Average house prices came in at £285,000, down from £288,000 the previous month.
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