UK rate of inflation fell sharply in April
The UK rate of inflation fell to 8.7% in April from 10.1% in March, according to the latest data from the Office of National Statistics (ONS).
The fall has been attributed to energy price rises slowing from their hikes in 2022.
The rate at which grocery prices rose slowed marginally in the year to April, but at 19.1% is close to record highs.
The ONS said that while food price inflation was still close to its recent peak, the prices of staples like bread, cereal, fish, milk and eggs were rising slightly less quickly.
Chancellor Jeremy Hunt said:
‘The IMF said yesterday we’ve acted decisively to tackle inflation but although it is positive that it is now in single digits, food prices are still rising too fast.
‘So, as well as helping families with around £3,000 of cost-of-living support this year and last, we must stick resolutely to the plan to get inflation down.’
Internet link: ONS website
Need Some Advice?
Looking for some help or a little advice?
Call today on 01484 534431 or fill in our enquiry form below, and we’ll call you back.
In The Spotlight – Sophie Brown
December Investment Committee Meeting
HMRC urges self assessment taxpayers to spread the cost
Cash usage on the rise for second successive year
Latest guidance for employers
