UK inflation falls to 3.4% in February as food price rises slow

Decline in consumer prices index reading to more than two-year low adds to speculation of summer interest rate cut

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UK inflation fell to 3.4% in February - the lowest level for two and a half years - driven in part by a slowdown in the pace of food and restaurant price rises.

The bigger-than-forecast decline in the consumer prices index (CPI) from 4% in January will give a boost to Rishi Sunak, who has pledged to reduce inflation, and add to speculation that the Bank of England will cut interest rates in the summer.