The rate of inflation eased to 10.7% from 11.1% last month, according to official figures.
The Office for National Statistics was widely expected to note a motor fuel-led decline in the core consumer prices index measure ofIt reflected falling oil costs and a slight recovery in the value of the pound versus the dollar on which oil costs are pegged., however, shows little sign of easing up in any substantial way given that household energy bills are running at record levels, despite government support, amid the first cold snap of the 2022/23 winter.
The Bank of England is widely expected by economists to add to the bills of borrowers on Thursday by raising Bank rate again as part of its battle against inflation. A hike of at least 0.5 percentage points is forecast by the bulk of experts as policymakers across the West continue to bear down on the price threats posed to their economies from Russia'sThe invasion in February exacerbated the rising tide of price rises caused by economies reopening after COVID disruption, as many commodities, including food staples, widely produced in both countries soared in cost.
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