UK inflation dropped more than expected in February. The decrease to 2.8% from 3% in January was mainly because of lower prices for clothing and shoes due to a high number of sales. Grant Fitzner, chief economist at the Office for National Statistics (ONS), highlighted that women’s clothing was the main factor behind the decline.
The fall in clothing prices was not fully offset by slight increases in other categories like alcoholic drinks. This marked the first time clothing and footwear prices fell since 2021. Children’s clothing and accessories such as hats and scarves were also affected. Economists had predicted a 2.9% inflation rate, but the actual figure, though lower, remained above the Bank of England’s target of 2%.
Looking ahead, prices are expected to rise further in the coming months due to increases in council tax, energy, water bills, and other factors. Stay tuned for the Chancellor’s Spring Statement, where more economic plans will be revealed.
Vocabulary List:
- Inflation /ɪnˈfleɪʃən/ (noun): The rate at which the general level of prices for goods and services is rising.
- Decrease /dɪˈkriːs/ (verb): To make or become smaller or fewer in size amount intensity or degree.
- Economist /ɪˈkɒnəmɪst/ (noun): An expert in economics; a social scientist who studies the production distribution and consumption of goods and services.
- Accessory /əkˈsɛsəri/ (noun): A supplementary item that enhances or complements something else.
- Predicted /prɪˈdɪktɪd/ (verb): To declare or indicate in advance; to make an educated guess about a future event.
- Economic /ˌiːkəˈnɒmɪk/ (adjective): Relating to economics or the economy; concerned with the production and management of resources.
How much do you know?
