UK's consumer price inflation falls to 10.1% in March 2023: ONS

In terms of a one-month rate, this clothing and footwear category saw a 1.6 per cent increase in March 2023, as compared to 2.5 per cent in March 2022. The slowdown in the annual CPI rate into March 2023 was driven by contributions from 6 of the 12 divisions, with the clothing and footwear segment’s downward contribution coming in at of 0.05 percentage points.

The easing in the CPI annual rate between February and March 2023 came as a result of prices rising by 0.8 per cent on the month compared with a rise of 1.1 per cent a year earlier, as per ONS.

However, the annual core CPI remained unchanged at 6.2 per cent in the year to March 2023, slightly below the rates seen in the fourth quarter of 2022. The CPI all goods index also decreased slightly from 13.4 per cent in February to 12.8 per cent in March 2023.

ALCHEMPro News Desk (DP)