UK inflation falls to 2.2%

This is a smaller decline than predicted, meaning inflation remains above the Bank of England's target of 2%. The largest downward pressure on CPI inflation comes from food and non-alcoholic beverages, mainly due to meat prices rising by less than a year ago. Housing and household services also contributed to the decline. Alcoholic beverages and tobacco created the largest upward pressure on the CPI, reflecting the increase in excise duty in this year's Budget. In a separate inflation reading, the ONS said the wider Retail Prices Index (PRI), which includes mortgage interest payments, d...