LONDON
The consumer price inflation in the UK eased to 8.7% year-on-year in April, down from 10.1% in March but above the 8.2% figure expected.
According to the latest figures by the Office for National Statistics (ONS), food prices continued their rapid surge, reaching the highest rate of increase in almost 45 years.
Although the rate of grocery price growth showed a slight deceleration in the year leading up to April, it still stood at 19.1%, approaching record levels.
“The rate of inflation fell notably as the large energy price rises seen last year were not repeated this April, but was offset partially by increases in the cost of second-hand cars and cigarettes,” ONS chief economist Grant Fitzner said in a statement.
Welcoming the data, the UK’s Treasury chief Jeremy Hunt said on Twitter: “Today’s fall in inflation to 8.7% — the lowest rate in over a year — shows we’re on the right track, but there is no room for complacency.”
“The IMF said yesterday we have acted decisively to tame inflation, but there is still work to be done – especially on food prices,” he said.
On Tuesday, the IMF expressed concern that the UK might experience an extended period of elevated inflation due to businesses maintaining higher prices and workers seeking salary raises to offset the situation.
