Inflation falls to 8.7% in April

May 25, 2023

The annual inflation rate dropped from 10.1% to 8.7% in April, according to the latest figures from the Office for National Statistics (ONS).

This is the first time UK inflation has fallen below double digits since August 2022, and marks its sharpest decline since the cost of living crisis began.

A slower rise in energy bills played a key role in driving down inflation last month, along with motor fuel costs, which fell by 1.3% between March and April 2023.

Food inflation also eased slightly in April, but still remained "near historic highs" at 19.1%, with prices of items like rice, pasta, and fruit seeing a monthly increase of 1.4%.

Meanwhile, tobacco prices rose by 6.8% in the year to April, compared to only 6.2% in the year to March.

While Prime Minister Rishi Sunak said April's inflation figures were "encouraging", prices are "still too high". He added:

"We'll continue to target the pressures that push inflation up and continue taxing the extraordinary war-time windfall profits of oil and gas companies.

"This allows us to fund a range of support to shield people from the effects of inflation."

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