Inflation drops to 2.5% but households still 'squeezed'

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According to National Statistics Office (NSO), the rate for March 2018 stands at -0.9 percent compared to 2.1 percent in February, 2018.

He added: "Alcohol and tobacco also helped ease inflation pressures, with tobacco duty rises linked to the Budget not appearing this March, thanks to its new autumn billing".

Separate ONS figures released earlier this week showed that average weekly earnings increased by 2.8% in the year to February.

Output price inflation slowed to 2.4 percent in March from 2.6 percent in February.

Inflation jumped in Britain after June 2016's vote to leave the European Union hammered the value of the pound and pushed up the cost of imports.

The Bank of England has said it expects the fall in unemployment to start pushing up pay more quickly, which is the main reason why it has said it is likely to raise interest rates more quickly than it previously thought.

UK INFLATION fell for the second month in a row but pressures remain on savers, investors and businesses.

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"While the next Bank of England rate rise is imminent, many are still questioning whether consumers will actually see any benefit, particularly as several of the banks failed to pass on the rise from late a year ago".

The largest downward pressure on the CPI figure in March came from footwear and clothing, having risen by just 0.7% on a monthly basis compared with 2% over the same period in 2017.

British government bond prices surged after the data, pushing two-year yields GB2YT=RR down 6 basis points on the day to a two-week low of 0.830 percent, while 10-year yields GB10YT=RR dropped by 5 basis points to 1.387 percent. These factors may explain, partially at least, whilst wage growth is not stronger since a smaller pool of potential employees should mean that employers have to offer better terms and conditions to attract the staff that they need.

That probability is evident in the performance of the pound which has rallied this year, particularly in the past few trading sessions.

The Bank of England will raise its key interest rate to 0.75 percent in May, said almost all of 76 economists polled by Reuters, with another 25 basis point rise expected just before Britain is due to leave the European Union early next year.

The level of inflation in the United Kingdom fell more than expected in March, as the squeeze on the cost of living for Brits caused by the Brexit vote abates.

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