The annual rate of inflation has dropped below 10 per cent for the first time since August of last year
The Consumer Prices Index (CPI) rose by 8.7% in the 12 months to April 2023, down from 10.1% in March
However there was worrying news that ‘Core CPI (excluding energy, food, alcohol and tobacco) rose by 6.8% in the 12 months to April 2023, up from 6.2% in March, which is the highest rate since March 1992’.
“The rate of inflation fell notably as the large energy price rises seen last year were not repeated this April, but was offset partially by increases in the cost of second-hand cars and cigarettes.” said
Grant FitznerChief Economist, ONS adding
“However, prices in general remain substantially higher than they were this time last year, with annual food price inflation near historic highs.”
