GBIRYY
2.3% (April/2024) source: Office for National Statistics
The annual inflation rate in the UK eased to 2.3% in April 2024,
the lowest since July 2021, compared to 3.2% in March and market forecasts of 2.1%.
The largest downward pressure came from falling gas (-37.5% vs -26.5% in March) and electricity (-21% vs -13%) cost, due to the lowering of the Office of Gas and Electricity Markets (Ofgem) energy price cap in April.
At the same time, prices slowed for food (2.9%, the lowest since November 2021 vs 4%) and recreation and culture (4.4% vs 5.3%).
On the other hand, the largest, partially offsetting, upward contribution came from cost of motor fuels.
The average price of petrol rose by 3.3 pence per litre between March and April 2024 to stand at 148.1 pence per litre, up from 145.8 pence per litre in April 2023. Prices also rose faster for restaurants and hotels (6% vs 5.8%) and miscellaneous goods and services (3.6% vs 3.4%).
Compared to the previous month, the CPI rose 0.3%.
source : Office for National Statistics
-The annual inflation rate in the UK slowed to 2% in May 2024, the lowest since July 2021, from 2.3% in April and in line with forecasts. The inflation returned to the Bank of England's 2% target, led by a slowdown in cost of food (1.7% vs 2.9%, the lowest since October 2021).