UK 12-month inflation falls to 4% in March

LONDON: British annual inflation fell to 4.0 percent in March from 4.4 percent in February, which was the highest level in over two years, official data showed Tuesday.

"CPI annual inflation - the government's target measure - was 4.0 percent in March, down 4.4 percent in February" as food and non-alcoholic beverage prices fell sharply The Office for National Statistics (ONS) said in a statement.

Analysts had forecast the rate to be unchanged from February, according to a poll of analysts conducted by Dow Jones Newswires. At 4.0 percent, the rate was still double the target of the Bank of England.

The ONS added that the Consumer Price Index (CPI) rose 0.3 percent in March from February on a month by month. Analysts had expected an increase of 0.5 percent.