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Some cause for optimism despite fastest price rises since 1970s

February 15, 2023

Via: Sky News

After peaking at 11.1% in October, the headline rate has dropped to 10.1%. It means that inflation has fallen for three consecutive months now.

Falling wholesale energy prices and cheaper air fares have helped to bring the consumer prices index (CPI) down but households are still facing eye-watering price pressures, especially when it comes to food prices which are rising at their fastest pace since the late 1970s.

At 10.1%, the inflation rate is still considerably above the Bank of England’s 2% target. However, it may start coming down quickly now.

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