UK inflation fell less than expected in April
Annual inflation in the UK fell less than expected to 8.7 percent in April.
The British Office for National Statistics (ONS) has announced data for the Consumer Price Index (CPI) for April.
Consequently, inflation in the country, which was 10.1 percent in March, fell to 8.7 percent in April. The expectation was that inflation would drop to 8.2 percent in April. The Bank of England (BoE) had forecast April inflation to be 8.4 percent.
The relaxation of electricity and natural gas prices contributed to the drop in inflation by 1.42 points in April.
FOOD PRICES STILL HIGH
On the other hand, the fact that food prices continued to rise in April kept inflation high. Food inflation slowed to a limited extent to 19.1 percent in April compared to 19.2 percent in March.
On the other hand, annual inflation, excluding energy and food prices, went from 6.2 percent in March to 6.8 percent in April, reaching the highest level since March 1992.
Inflation in the UK reached its highest level in 41 years at 11.1 percent in October 2022.
The BoE raised the interest rate from 4.25 percent to 4.50 percent on May 11 for the 12th time in a row, within the scope of its target of bringing inflation to 2 percent.
Meanwhile, the April inflation figure strengthened expectations that the BoE will have to raise interest rates again. The pound gained value against the dollar and the euro after the release of the April data. (AA)
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
