The Consumer Prices Index came in at 2.6 percent last month, down from 2.8 percent in February, the Office for National Statistics (ONS) said in a statement.
“Inflation eased again in March, driven by a variety of factors including falling fuel prices and unchanged food costs compared with the price rises we saw this time last year,“ said ONS chief economist Grant Fitzner.
“Inflation falling for two months in a row, wages growing faster than prices and positive growth figures are encouraging signs that our plan for change is working, but there is more to be done,“ Reeves said in a statement.
Official data Friday showed that Britain's economy grew more than expected in February.
The annual inflation rate is expected to reverse direction owing to rises in UK energy and water bills that kicked in this month.
However, with global trade tensions recently sending oil prices sharply lower, inflation could retreat further down the line.
Analysts agreed that Wednesday's data cements expectations that the Bank of England will cut its key interest rate at its next regular meeting in May.
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