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Inflation falls to 1.7%

March 25, 2014 9:45 AM
Originally published by UK Liberal Democrats

Good news for consumers as figures released today show that inflation has fallen to 1.7%, the lowest rate in four years and helping families with the cost of living.

The fall was largely driven by lower petrol and transport costs, as well as the cost of consumer goods such as clothing and footwear.

Commenting on the news, Danny Alexander, the Lib Dem Chief Secretary to the Treasury, said:

"Today's inflation numbers add to the growing tide of encouraging economic statistics over recent months. There is much more to be done and there are more difficult decisions ahead, but this shows that our long term plan to repair the British economy is working. Falling inflation eases the pressure on family budgets and strengthens the economy."