UK inflation falls to 2.3%

According to recent reports, inflation has experienced a significant decline over the past month, reaching its lowest level in nearly three years. The annual increase in consumer prices fell to 2.3% in April. This rate is also slightly less than economists expected and marks the lowest reading since July 2021. Additionally, food inflation slowed down to 2.9%, from 4% previously. The drop in consumer prices has led markets to trim their predictions of a 0.25 percentage point interest rate cut by the Bank of England.