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.