UK inflation eases more than expected to 2.8%, led by lower electricity and gas bills – business live

Food inflation also slows

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

It’s inflation day! (and Nvidia day)

There was a notable fall in annual inflation led by lower electricity and gas prices. This was due to the government’s energy bill support package reducing variable and fixed tariffs, along with lower global wholesale energy prices before the conflict in the Middle East, which fed through to the reduction in the Ofgem cap.

The war in Iran is not our war but one we will need to respond to, and the decisions I took in the budget last year have kept inflation down as we deal with global instability. We have the right economic plan, and to change course now would risk our economic stability and leave working people worse off.

We have already taken £117 off energy bills, frozen rail fares, and lifted the two-child limit, and over today and tomorrow I’ll set out the next phase of how we will support UK households.

For too long, vital infrastructure delivery has been delayed by judicial reviews of projects.

She [Reeves] is cleaar that parliament must take back control to get Britain building the power plants, wind farms and grid connections that will bring bills down, strengthen our energy security, and deliver growth in every part of our country.

9.30am BST: UK House prices and rents

10am BST: Eurozone inflation (final)

7pm BST: US Federal Reserve minutes of last meeting