For the first time in this Parliament, CPI inflation has fallen from 3.5% in March to 3% in April. For the record, RPI inflation fell from 3.6% to 3.5%.
This also means that it is the first time the George Osborne has not received a letter from the Governor of the Bank of England, to explain why the inflation target has been missed. An open letter is triggered if the CPI rate remains above 3% or below 1% for three months in a row.
Drinks all round!
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