South Shropshire MP, Philip Dunne, has welcomed a further fall in the rate of inflation.

Latest figures from the Office for National Statistics show UK inflation has fallen to 3.4 per cent - its lowest level in two and a half years, down from 11.1 per cent since 2022. It is forecast to hit the 2 per cent target within months.

A reduction in inflationary prices of food and non-alcoholic drinks helped contribute to the reduced rate of inflation, including bread and cereals, meat, vegetables, and milk, cheese and eggs.

Mr Dunne said:

“Today’s inflation figure is very welcome news, showing a marked fall from 4.0% in January to 3.4% in February.

“The Chancellor has been clear over the past 12 months that bearing down in inflation is his number one priority. He has taken the tough, responsible decisions necessary, and now we are seeing that pay off.

“A fall in inflation will ease pressure on household budgets in South Shropshire, just as the state pension is due to rise by 8.5% and the National Living Wage by 9.8% next month. These changes set the scene for better economic conditions which could allow further progress to boost growth and cut taxes.”