Reported 5 months ago
UK inflation fell to 2.3% in April, moving closer to the Bank of England's 2% target. The decrease was driven by lower energy costs, with core inflation also dropping to 3.9%. The decline in inflation may not be enough to prompt an immediate interest rate cut by the Bank of England, as some market expectations for a rate cut in June have been scaled back. The government sees the drop in inflation as a positive sign for the economy, with Chancellor Rishi Sunak mentioning that "brighter days are ahead" if the economic plan is followed.
Source: YAHOO