UK inflation decreased to 2.8% in February from a 10-month peak of 3% in January, improving morale ahead of Chancellor Rachel Reeves' Spring Statement. Retailers are focusing on affordability amid inflationary pressures. The cost of food and alcoholic beverages rose by 3.3% year-on-year. Experts predict inflation may rise again in the coming months, with stagflation concerns and minimal economic growth. The Bank of England is expected to consider interest rate cuts later this year, despite current inflation being above their 2% target.