UK inflation drops to 8.7% but food prices remain stubbornly high

by The Insights

Inflation in the UK fell to 8.7% in April, a smaller decline than the Bank of England had expected, increasing pressure on the central bank to continue to raise interest rates.

The figure will be a blow to ministers and the central bank as the fall in consumer price inflation of 10.1% in March was significantly lower than the expected drop to 8.4%.

Food price inflation remained close to 45-year highs, at 19.1% in April from 19.2% in March.

More worrying for price stability, core inflation, excluding food, alcohol, tobacco and energy prices, fell from 6.2% to 6.8 %, highlighting the danger that high inflation will remain persistent in the UK.

Jeremy Hunt, the Chancellor, said: “The IMF said yesterday that we had acted decisively to tackle inflation, but while it is positive that it is now in single digits, food prices are still growing too quickly.”

“We must stick firmly to the plan to reduce inflation,” he added.

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