The Consumer Prices Index (CPI) rose by 3.2% in the 12 months to March 2024, down from 3.4% to February and well below its recent peak of 11.1% in October 2022. The annual rate in March 2024 was the lowest since September 2021, when it was 3.1%. On a monthly basis, CPI rose by 0.6% in March 2024, compared with a rise of 0.8% in March 2023.
 
The largest downward contribution to the monthly change in both CPIH and CPI annual rates came from food, with prices rising by less than a year ago, while the largest, partially offsetting, upward contribution came from motor fuels, with prices rising this year but falling a year ago.
 
Core CPI (excluding energy, food, alcohol and tobacco) rose by 4.2% in the 12 months to March 2024, down from 4.5% in February; the CPI goods annual rate slowed from 1.1% to 0.8%, while the CPI services annual rate eased slightly from 6.1% to 6.0%.
 
Source: Office for National Statistics UK
Post by: Republic of Türkiye Ministry of Trade