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<p>Inflation reduces real incomes, creates uncertainty, and threatens our growth outlook
so it’s essential that the government continues with its efforts to keep inflation
down. The government remains steadfast in our support for the Monetary Policy Committee
of the Bank of England.</p><p>Food inflation has fallen from a peak of 19.6% in March
2023 to 5.0% in February 2024.</p><p>The latest data suggests real household disposable
income per capita was 1.4% higher in Q4 2023 than in Q4 2022.</p><p>ONS retail sales
remained unchanged on the month in February. This followed an increase in retail sales
volumes of 3.6% on the month in January, fully offsetting the decline in December.
Food store sales were 2.8% higher in February than in December.</p>
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