The British Office for National Statistics (ONS) announced on Wednesday that inflation recorded a slight decline in the United Kingdom in March, to 3.2% on an annual basis, after reaching 3.4% in February.
Despite this decline, inflation is still higher than the target of the British economic authorities, which want to reduce it to 2%, and continues to put pressure on the Conservatives.
the…
The British Office for National Statistics (ONS) announced on Wednesday that inflation recorded a slight decline in the United Kingdom in March, to 3.2% on an annual basis, after reaching 3.4% in February.
Despite this decline, inflation is still higher than the target of the British economic authorities, which want to reduce it to 2%, and continues to put pressure on the Conservatives.
The Office for National Statistics said March's figures were the lowest since September 2021.
Economy Secretary Jeremy Hunt said this was “good news”.
For his part, Conservative British Prime Minister Rishi Sunak said, “After two difficult years, our economic plan is starting to succeed.”
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Inflation had risen significantly at the end of 2022, reaching a peak of more than 11%, and it remains one of the main battlegrounds for the conservatives before the legislative elections that must be held before the end of January 2025.
In those elections that will be held this year, for which a date has not yet been set, the Conservatives, who have ruled the country for 14 years, lag far behind the Labor Party in opinion polls.
Some economists believe the decline in inflation is consistent enough to encourage the Bank of England to cut interest rates, which currently stand at 5.25%.
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