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UK Inflation Falls Below 10% For First Time Since August

Inflation in the United Kingdom dropped to 8.7% in April, data from the Office for National Statistics (ONS) on Wednesday showed. This marks the first time that it has sunk below the 10% mark since August last year.

The drop from 10.1% inflation in March came largely as a result of slowing energy price rises, with price growth gradually cooling from the steep surge late last year. The ONS stated: “The easing in the annual inflation rate in April 2023 mainly reflected price changes in the housing and household services division, particularly for gas and electricity.”

Furthermore, the ONS added that such price changes offset rising costs coming from markets such as alcoholic beverages and tobacco, communication, transport, and recreation.

Despite cooling inflation, UK food prices remain persistently high. Food and drink inflation is hovering above 19%, falling from a 45-year high of 19.2% in March.

On a monthly basis, consumer prices rose by 1.2%, thereby outweighing the consensus estimate of a 0.8% rise. The UK’s 8.7% inflation remains higher than the European Union average of 8.1%.

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