Wednesday, May 22, 2024

Inflation Falls To 2.3%

The Office for National Statistics (ONS) has stated that the UK inflation rate fell to 2.3% in the year to April 2024. This decline marks the lowest annual rate of price rises since July 2021 when it was at 2%. Here are the key points:

1. Energy Prices: The significant drop in inflation is primarily driven by cooling energy prices. Specifically, prices of electricity, gas, and other fuels fell by 27.1% in the year to April, which is the largest decrease since records began in 1989.

2. Core Inflation: Despite the overall decline, core inflation remains elevated. The Consumer Prices Index including owner occupiers' housing costs (CPIH) rose by 3.8% in the 12 months to March 2024, unchanged from February. On a monthly basis, CPIH increased by 0.6% in March 2024, compared to a rise of 0.7% in March 2023.

3. Interest Rates: The drop in inflation could potentially bring the UK closer to the Bank of England's target of 2%. This development may impact interest rate decisions in the near future.

In summary, while overall inflation has eased due to energy price reductions, core inflation remains a concern. Keep an eye on how these figures evolve in the coming months! 

For more detailed information, you can refer to the official ONS report .

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