Inflation falls to 2.3% in April
Prices of food and non-alcoholic beverages rose by 2.9% in the year to April 2024, down from 4.0% in the year to March
Inflation has fallen to its lowest level in almost three years to 2.3% in April, down from 3.2% in March, according to the latest figures from the Office for National Statistics (ONS).
On a monthly basis, CPI rose by 0.3% in April 2024, compared with a rise of 1.2% in April 2023.
Falling gas and electricity prices resulted in the largest downward contributions to the monthly change, while the largest, partially offsetting, upward contribution came from motor fuels, with prices rising this year but falling a year ago.
Prices of electricity, gas and other fuels fell by 27.1% in the year to April 2024, the largest fall on record, with figures available back to 1989. Individually, Gas prices fell by 37.5% on the year, compared with a fall of 26.5% in the year to March 2024, while electricity prices fell by 21.0%, compared with 13.0% in March.
Prices of food and non-alcoholic beverages rose by 2.9% in the year to April 2024, down from 4.0% in the year to March. The April figure is the lowest annual rate since November 2021.
ONS chief economist Grant Fitzner said: “There was another large fall in annual inflation led by lower electricity and gas prices, due to the reduction in the Ofgem energy price cap. Tobacco prices also helped pull down the rate, with no duty changes announced in the budget. Meanwhile food price inflation saw further falls over the year. These falls were partially offset by a small uptick in petrol prices.
“The prices of goods leaving factories have risen a little over the last year. Meanwhile, the prices of raw materials and fuels grew in the last month, though they remain below where they were a year ago.”
