A publication of official inflation figures may indicate a decline, but the UK’s rate is still higher than the eurozone’s.

Britain’s annual inflation rate is expected to fall below 10% for the first time since August.

According to a Reuters poll of economists, the government’s preferred measure of inflation presumably fell from 10.4% in February to 9.8% in March due to a sharp decline in energy prices.

The Bank of England, responsible for achieving the official inflation target of 2%, anticipates further declines in the coming months as Russia’s invasion of Ukraine last year subsides.

The consumer price index rose by 1.1% in March and another 2.5% in April of last year, but the price of petrol on global markets is now lower than it was on February 24, 2022, before the start of the conflict.

However, Threadneedle Street interest-rate setters on the Bank’s monetary policy committee are concerned that core inflation, which excludes food and energy, will be more difficult to reduce than the headline rate.

Members of the MPC do not have a target for core inflation, but they view it as a proxy for domestic price pressures. In March, the annual cost of living increased from 5.8% to 6.2%.

Due to the largest increase in food prices in 45 years, headline inflation rose from 10.1% to 10.4% when the February numbers were released last month, despite expectations that it would fall below 10%.

Andrew Sentance, the former member of the Monetary Policy Committee, stated on Tuesday that the Bank contributed to double-digit inflation by prolonging its quantitative easing policy for too long.

He told members of the Treasury committee, “We’ve had this extended period of extremely low-interest rates and additional QE injections after the immediate problems and financial crisis have passed.” All of this has contributed over time to the inflationary pressures we are currently experiencing.

Even if the economists’ forecast proves accurate, inflation in the UK will remain significantly higher than in the US and the eurozone, which currently lies at 5% and 6.9%, respectively.