Inflation slowed sharply to an annual rate of 3.4% in February, according to official data.

Figures from the Office for National Statistics (ONS) showed growth slowed from 4% last month.

It marks further progress in the fight against energy-led price rises following Russia’s war in Ukraine and Russia. inflation expected to fall back to bank of englandThe target interest rate for the next few months is 2%.

However, the central bank’s rate-setting committee is widely expected to delay removing the drugs it prescribes to combat inflation, possibly until this summer.

interest rate The spending cuts would bring relief to millions of borrowers who face significant increases in costs as interest rates rise.

But committee members were wary of starting the process because of concerns that inflation could pick up in the second half of the year.

They are awaiting visibility on a host of price pressures, including the pace of wage growth, Red Sea shipping disruptions and rising oil costs.

regular salary increaseAccording to separate data from the Office for National Statistics (ONS) last week, prices were still running above 6%, a level that could help drive demand amid the economic downturn and accelerate the pace of price increases.

Earlier this week, Brent crude oil prices hit $87 a barrel, their highest level since October last year.

This breaking news story is being updated and more details will be released soon.

Please refresh the page for the full version.

You can receive breaking news alerts on your smartphone or tablet sky news app.You can also follow @SkyNews X on or subscribe to our YouTube channel Get the latest news.