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Thursday, July 18, 2024

Inflation in the UK has dropped

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The UK’s Office for National Statistics (ONS) reported that Consumer Prices Index (CPI) inflation had dropped to 8.7% in April – the lowest level since March 2020 – but it was higher than the predicted 8.2%.

Grant Fitzner, the ONS chief economist, noted that while the energy price rises seen in 2020 were not repeated this April, the price of second-hand cars, cigarettes, and food were all higher than the same period last year. Food inflation was particularly striking, at 19.3%, only slightly lower than March’s 19.6%.

Finance minister Jeremy Hunt acknowledged that while it was positive that inflation was now in single digits, food prices continued to rise too quickly. To help with this, Hunt promised that families would receive £3,000 of cost-of-living support this year and last, and promised to stick to the plan of reducing inflation.

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Lisa
Lisa
Lisa is a skilled writer with a huge passion for journalism. With a talent for storytelling and a deep understanding of current events, she has quickly become a respected journalist in the industry. Lisa's articles are always well-written and thought-provoking, and she has a knack for finding the most interesting angles on any story. She is known for her ability to connect with her readers and engage them in the issues that matter most. Lisa is a dedicated journalist who is passionate about making a positive impact through her writing. When she's not working, Lisa enjoys hiking, yoga, and spending time with her loved ones.

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