Consumer Price Inflation (CPI) rate update

19 April 2023

The UK inflation rate has dropped to 10.1%, according to the Office for National Statistics (ONS).

CPI is the rate at which the prices of goods and services bought by households rise or fall. It is estimated by using price indices. The ONS keeps track of prices, in a ‘’shopping basket’’ of around 700 popular goods and services bought by households. This is reviewed every year, so that the index is representative and to up to date.

The CPI rose by 10.1% in the 12 months to March 2023, down from 10.4% in February 2023. On a monthly basis, CPI rose by 0.8% in March 2023, compared with a rise of 1.1% in March 2022. According to data released by the ONS today, the smaller than expected inflation dip came from motor fuels, household services, restaurants and hotels. However, food, alcoholic beverages and tobacco prices continue to rise.

How will interest rates change in the future? Keep an eye out for our update on the upcoming Bank of England bank rates, set to be released on 11 May.

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