UK inflation to fall to 2.9% by the end of the year, says Jeremy Hunt

Inflation in the UK will fall to 2.9 per cent by the end of 2023, Jeremy Hunt said in his Budget announcement on Wednesday, 15 March.

According to the Office for Budget Responsibility, average rate of price rises was expected to be 7.4 per cent for this year.

However, the pace of price rises is now expected to slow by more than previously predicted.

It comes after surging energy bills sent the UK’s annual inflation rate to 11.1 per cent - a 41-year-high - in November 2022.

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