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What Does Today’s Smaller Than Expected Fall in UK Inflation Mean?
Annual CPI Inflation was 2.3 per cent in April 2024, down from 3.2 per cent in March. This was largely driven by the high monthly figure from March 2023 of 1.21 per cent dropping out and the new inflation for March 2024 coming in at 0.3 per cent on the month, yielding the overall fall of a 0.9 percentage points in the headline figure. The month-on-month rate of 0.3 per cent is equivalent to an annualized inflation rate of over 3.6 per cent and was impacted by the fall in the Ofgem price cap reduction which led many to expect a smaller figure, or even a negative one. Without the Ofgem reduction which contributed about ... (full story)