UK’s yearly inflation rate dives to 2.3 percent last month, surpassing estimates
Date
5/22/2024 4:19:00 AM
(MENAFN) Official figures released on Wednesday revealed that the annual inflation rate in the UK stood at 2.3 percent in April, marking a decline from the previous month's rate of 3.2 percent and surpassing market expectations. According to the Office for National Statistics, consumer prices experienced a modest monthly increase of 0.3 percent in April, compared to a more substantial rise of 1.2 percent observed in March. The ONS attributed the decrease in inflation primarily to weaker gas and electricity prices, which made the largest downward contributions to the monthly change in inflation.
Furthermore, the Office for National Statistics highlighted that the largest upward contribution to inflation in April came from motor fuels, with prices recording an increase compared to the same period last year but a decline from the previous month. Additionally, the ONS noted that core CPI, which excludes energy, food, alcohol, and tobacco, rose by 3.9 percent in the 12 months leading up to April 2024, a slight decrease from the 4.2 percent recorded in March.
Overall, the latest inflation figures reflect a nuanced picture of price movements in the UK economy, with certain sectors experiencing fluctuations driven by factors such as energy prices and fuel costs. These developments are closely monitored by policymakers and economists to gauge the overall health of the economy and inform decision-making regarding monetary policy and fiscal measures.
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