Annual CPI Inflation was 3.4 per cent in February 2024, down from 4.0 per cent in January 2024. This was largely driven by the high monthly figure from February 2023 of 1.1 per cent dropping out and the new inflation for February 2024 coming in at the high level of 0.6 per cent on the month, yielding the overall fall of 0.6 percentage points in the headline figure. The month-on-month rate of 0.6 per cent was the highest since May 2023 and if sustained for 12 months would lead to an annual figure of over 7 per cent. However, this may be a one-off being partly a rebound from the big sales effect in January. Measures of ... (full story)