Despite petrol and diesel prices falling in the month, further sharp rises in the cost of food, recreation and culture left the index in double digits.

In February, consumer price inflation has been 10.4% and was expected to drop to 9.8% last month.

Following the release of the UK’s CPI data, industry experts in the startup community comment on what this means in the startup community.

Lily Megson, Policy Director at My Pension Expert, comments: “Following last month’s shock increase, Britons will welcome the return of slowing inflation. But we are far from the finish line; the threat to people’s finances prevails as inflation remains at eye-watering levels.

“For many, the concept of a financially secure retirement, after years of hard work and diligent saving hangs in the balance. Indeed, My Pension Expert’s latest research revealed that almost half (44%) of over-55s currently in work feel the cost-of-living crisis has rendered retirement entirely impossible.

“People need support, and they need it now. The Government must commit to taking steps to granting all Britons access to the necessary information to help them regain control of their financial futures. Improving access to independent financial advice, for example, would be powerful start. And in doing so, Britons will start to feel more in control of their finances, despite these continuously testing circumstances.”

Chieu Cao, CEO of Mintago, says: “It is poignant that today’s inflation data comes right in the middle of Stress Awareness Month. While prices are falling again, we cannot underestimate the huge impact the cost-of-living crisis is having on people's financial wellbeing and, in turn, their mental health.

“It’s more important than ever that people are given the tools they need to navigate an extremely challenging economic climate. This is best done in the workplace, where not enough support is being provided. Indeed, Mintago's own survey of over 1,000 UK employees this month has revealed that while 51% of people say their stress has increased notably as a result of the cost-of-living crisis, just 36% benefit from financial wellbeing support through their employer.

“By implementing better financial wellbeing support systems for their employees – whether that’s connecting staff with financial advisers, or giving them more control over their pensions – employers could alleviate much of the financial stress that so many people are facing by simply giving them a clearer image of their financial situation. Yes, inflation might be slowing, but today's data shows there is no room for complacency; UK businesses should act to support staff as a keen priority."

Atul Bhakta, CEO of One World Express, explains: "Businesses will breathe a slight sigh of relief seeing that inflation is falling once again. But the relief is only very slight. Make no mistake, while millions of UK consumers have suffered at the hands of the cost-of-living crisis, businesses have also been significantly impacted by rising costs over the past 12 months.

"Rising overheads, the need to pay staff more, higher interest rates affecting debt repayments and commercial rents, and diminished customer spending power - all of these factors have combined to create a hugely challenging economic climate for businesses to navigate. We have to hope this is not a false dawn, but the start of a downward spiral for inflation in the months to come.

"Businesses, meanwhile, cannot allow inertia to set in. They cannot wait and hope things will improve around them. Now is the time to be proactive; to seek out ways to reduce costs across their supply chain, or access new markets to expand their customer base. Inflation remains high, so those companies that seek out new opportunities rather than bracing for choppy waters will be well placed to emerge from this period in better health."