The UK inflation rate has fallen to 2.8% in the year to April, the Office for National Statistics (ONS) has revealed.
It remains above the Bank of England's (BoE) 2% target, but is lower than the 3.3% figure recorded in the 12 months to March.
The fall was driven by lower electricity and gas prices, after the Government's energy bill support package came into force, the ONS stated.
“The surprise fall in inflation to 2.8% is good news for the economy and for consumers but is unlikely to be the start of a sustained fall and underlines just how unpredictable the current environment is. Inflation remains stubbornly high, with upward pressure from fuel and transport costs linked to the ongoing instability in the Middle East,” Richard Pike, sales and marketing director at Phoebus Software.
“At the same time, the labour market remains weak, and yesterday’s unemployment and wage data will make the Bank of England think very carefully about how far it can go in tightening policy without risking a deeper slowdown.”
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