The UK consumer prices index has fallen to 3.4 per cent in February, according to the Office for National Statistics.
The consumer prices index is down 0.2 per cent from 3.6 per cent in January. The retail prices index fell to 3.7 per cent, from 3.9 per cent in January.
Inflation has fallen markedly since its high in September 2011, but still remains well above the Bank of England’s 2 per cent target. CPI reached a record high of 5.2 per cent in September 2011 while RPI stood at 5.8 per cent in September 2011, its highest point since June 1991.
The largest downward pressures on CPI came from domestic electricity and gas, recreation & culture and transport. Offsetting these falls were rising pressures from alcohol off sales and vegetables.
The largest downward pressures for RPI came from motoring costs and fuel & light. The ONS cited alcohol as the only upward pressure for RPI.