Inflation fell sharply in April – the first time since August 2022 that the Consumer Price Index (CPI) has dropped below double digits.
The latest figures from the Office for National Statistics (ONS) show that CPI rose by 8.7% in the 12 months to April 2023, down from 10.1% in March.
On a monthly basis, CPI increased by 1.2% in April 2023, compared with a rise of 2.5% in April 2022.
ONS said electricity and gas prices contributed 1.42 percentage points to the fall in annual inflation in April, while food and non-alcoholic beverage prices continued to rise in April and contributed to high annual inflation.
The UK’s statistics authority also reported that, annually, the inflation rate of food and non-alcoholic beverages, however, eased from 19.2% in the year to March 2023, to 19.1% in the year to April 2023.
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