Chancellor updates ministers on inflation figures

Chancellor George Osborne updated ministers on the inflation figures at this morning's meeting of Cabinet at 10 Downing Street.

A Number 10 spokeswoman said: "The Chancellor set out the fact that inflation has fallen by one-third since September and most market commentators expect inflation to continue falling later this year, which will provide some relief for families' budgets."

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Rise in cost of living

Inflation has risen. The ONS says CPI is 3.5 per cent, up from 3.4 per cent in February. This is the first rise in inflation since September last year.