Price inflation in the UK was 2.3 per cent in April, and is now lower than in the eurozone and the US.
The UK is expected to be the next central bank to cut its key interest rate, after Sweden and Switzerland have already done so.
On Wednesday morning, the UK Bureau of Statistics released inflation figures for April:
- The inflation rate was 2.3 percent, compared to 3.2 percent in March
- Core inflation was 3.9 percent, compared to 4.2 percent in March
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Overall inflation was previously expected at 2.1 percent and core inflation at 3.6 percent.
Thus, inflation fell somewhat less than expected in advance, according to estimates obtained by Bloomberg News.
Rising services prices, which the Bank of England monitors closely as it can say something about inflation within a country's borders, are relatively unchanged.
The cap on electricity prices fell by 12 percent in April, which helped curb price growth, according to Bloomberg.
The UK interest rate is 5.25 percent, the highest level in 16 years. The next interest rate meeting is scheduled to be held on June 20.
Last year, Conservative Prime Minister Rishi Sunak made fighting inflation one of his top issues, but he still performed poorly in the polls.
Bond Robertson is a contributor to Brytfmonline.com, covering a wide range of topics including news, politics, business, technology, sports, entertainment, and lifestyle. He is committed to delivering clear, balanced, and reader-focused reporting that helps audiences stay informed about current events and developments. With a focus on accuracy, relevance, and accessibility, Bond writes stories that provide useful insights and highlight issues that matter to readers in their daily lives.