UK inflation dipped to 8.7 per cent in the 12 months to April as the measure of price rises finally slips out of double digit figures, it was revealed today.
The figure is down from the 10.1 per cent that was recorded in March, according to the Office for National Statistic (ONS), but it's still higher than forecast by economists, who had pencilled in a drop to 8.2 per cent in April.
It's the first time inflation has dropped below double digits since August last year. The ONS said today the decline in inflation was driven by gas and electricity costs remaining stable in April.
However even though inflation is going down, prices are still going up, just at a marginally slower rate. READ MORE: Join the FREE Manchester Evening News WhatsApp community ONS chief economist Grant Fitzner said: "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. "However, prices in general remain substantially higher than they were this time last year, with annual food price inflation near historic highs.” The figures showed food Consumer Prices Index (CPI) inflation at 19.3 per cent, down only slightly on March's eye-watering 19.6 per cent, reports The Mirror.
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