UK inflation fell more than expected last month, according to official figures. According to the Office for National Statistics (ONS) the cost of clothes and shoes fell for the first time in more than three years.
The Consumer Prices Index (CPI) recorded a fall in inflation, down from 3 per cent in January to 2.8 per cent in February. Most observers had expected February’s CPI inflation rate to be 2.9 per cent.
The latest figures show inflation remains higher than the Bank of England’s 2 per cent target and the cost of living continues to rise for households across the UK, but at a much slower pace than in recent years.
The ONS said that the 0.6 percent fall in overall clothing and footwear costs over the 12 months to February was the first in 17 months, having last shrunk in October 2021. Prices typically go up in January and February, as new collections are launched and Christmas promotions expire.
Last month’s lower inflation rate was partly due to cheaper prices for children’s clothing, women’s clothing and accessories such as scarves and hats. With a significant jump in April, inflation is expected to rise again.
