NEW: ONS UK CPI Inflation (March 2025): UK CPI inflation slowed from 2.8% in February to 2.6% in March, according to the ONS. It was also marginally lower than the 2.7% forecast by economists, according to Reuters. Core CPI inflation, which excludes energy, food, alcohol, and tobacco, fell from 3.5% in February to 3.4% in March.

Services inflation, which the Bank of England monitors as a key measure of underlying price pressures, now that the energy and commodity price spikes have passed through the annual inflation figures, also slowed significantly, from 5.0% in February to 4.7% in March, whilst economists had expected it to decline to 4.8%.

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