• Kate Nicholls, Chief Executive, UKHospitality   

In the year to March 2024, inflation stood at 3.2%, according to the Office for National Statistics. This is down 0.2%, compared to February.

The inflation rate which considers housing costs was 3.8% in the year to March 2024, unchanged from the previous month.

Kate Nicholls, Chief Executive of UKHospitality, said: “Inflation continuing to fall is very positive for the economy.

“We now need to see this reflected in an easing of interest rates, which will reduce costs for businesses and incentivise investment in growth.

“This is particularly important for parts of the economy where prices are more stubborn, like hospitality.

“Inflation in our sector is more than 50% higher than the national figure and this is before we see the effect of the £3.4 billion increase in rates and wages which hit the sector this month.

“With a clear trend of inflation easing across the economy, it’s time for central banks to support businesses and drive investment.”