Inflation fell from 8.5% to 7.7% in March

This marks the eighteenth straight month where the annual increase in the CPI has been at least 5.0%

The Consumer Price Index (CPI) rose by 7.7% between March 2022 and March 2023, down from an annual increase of 8.5% in the 12 months to February 2023.

Prices have been rising on an annual basis since April 2021, with annual inflation of 5.0% or more recorded in each month since October 2021.

The divisions with the largest increases in the 12 months to March 2023 were housing, water, electricity, gas & other fuels (+20.8%) and food & non-alcoholic beverages (+13.1%).

Meanwhile consumer prices rose by 1.1% in the month between February 2023 and March 2023.

Alcoholic beverages & tobacco (-0.2%) were one of the only divisions to fall in the month alongside communications.

The divisions with the largest increases in the month were transport (+2.0%) and restaurants & hotels (+1.9%).