UK inflation falls to 3.4% in February: Industry reaction from online retail expert

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UK inflation has fallen to its lowest level in more than two years, with consumer prices rising at an annual rate of 3.4% in February, down from 4% in January.
  
Commenting on the figures, as well as how the announcements made are likely to impact the living standards of UK citizens, is Nick Drewe, retail expert and founder of online discount platform, Wethrift:

“While it is certainly encouraging to see that UK inflation is falling to levels below those forecasted by economists, it is important to remember that this welcome news does not mean that prices aren’t still rising - they are just rising at a slower pace. 
  
“Families should therefore take the news being circulated today with caution, as there is still a significant way to go to reach the government's target of 2%. Food inflation is still at 5%  - down from 7% - and last month food prices in the UK rose by 0.2%. Prices may have stabilised in comparison to the significant increases we witnessed last year, but they are unfortunately settling at a higher level, with some pointing out that food costs in the UK are almost 30% more expensive than they were in September 2021. 
  
“Despite the narrative being driven that the pressure on households is easing when it comes to the weekly grocery shop, many consumers will still be struggling to stretch their budgets at the supermarket checkout for some time to come. 
  
“Let’s not also forget that while this fall in inflation signifies a positive indication for a shift in the economy and the nation's recovery out of recession, there are still vast numbers of individuals and families struggling with increases to their mortgages and rent, as well as energy costs, council tax, and broadband bills. 
  
“The question now turns to whether or not the Bank Of England will use the falling inflation rates as justification for a reduction in interest rates, to help give the British people some relief from the crippling toll the past year has taken on their finances.”