CPI inflation is expected to fall to 2.9% by the end of 2023

CPI inflation, year-on-year % change

March 2023 forecast

November 2022 forecast

Projection

12%

10

8

6

4

2.0

2028 Q1

2

2.9

2023 Q4

0

-2

2020

2022

2024

2026

2028

March 2023 forecast

November 2022 forecast

Projection

12%

10

8

6

4

2.0

2028 Q1

2.9

2023 Q4

2

0

-2

2020

2022

2024

2026

2028

Guardian graphic. Source: OBR. March 2023 Economic and fiscal outlook