Inflation falls to 8.7% in April
- On May 24, 2023
- By GrowthInvest Marketing
Inflation slowed in April to 8.7 per cent, but experts say many people remain “trapped in a cycle of financial crisis” as a result of the higher cost-of-living.
The figures from the Office for National Statistics, published today (May 24), showed that inflation fell in April from 10.1 per cent in March.
This easing of inflation was mainly a result of lower gas and electricity prices in April.
However, this was offset partially by rising prices in recreation and culture, alcoholic beverages and tobacco, communication, and transport.
On a monthly basis, the pace of price increases slowed, with the consumer price index rising by 1.2 per cent in April, compared with a rise of 2.5 per cent in April 2023.
Inflation remains below October’s peak of 11.1 per cent when price growth hit a 40-year high.
According to the ONS, food and non-alcoholic beverage prices continued to rise in April and contributed to high annual inflation, but the annual inflation rate of both eased marginally from 19.2 per cent in the year to March 2023, to 19.1 per cent in the year to April 2023.
In his annual report to the Treasury committee earlier this month (May 24), governor of the Bank of England Andrew Bailey acknowledged that the March inflation figure was 0.8 percentage points higher than expected but he added that there is “good reasons to expect inflation to fall sharply over the coming months”.
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