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Inflation fell to 8.7% in April; read our blogs to keep updated with government economic measures to boost the economy. The annual inflation rate decreased from 10.1% in March to 8.7% in April, according to the Office for National Statistics (ONS). This represents a significant development since it is the first time since August 2022 that the inflation rate in the United Kingdom has dipped below the double-digit barrier. In addition, this decrease is the most significant one seen since the beginning of the crisis brought on by the rising cost of living.
A combination of factors largely caused the decrease in inflation that occurred in April, the most significant of which was the 1.3% decrease in the price of petrol between March and April 2023, as well as a slower rate of growth in the cost of electricity.
Although food inflation decreased slightly in April, it remained high, hovering near historic highs at 19.1%. The prices of frequently consumed foods such as rice, pasta, and fruit all went up by 1.4% from one month to the next. Tobacco prices increased throughout the same period, although at a slightly faster rate of 6.8% in the year to April, compared to a rise of 6.2% in March.
The inflation estimates for April were described as “encouraging” by Prime Minister Rishi Sunak, who did, however, concede that prices are still too high. He gave his word that the government would keep up its fight against the forces fueling inflation and impose taxes on the tremendous profits that oil and gas firms had gained during this time of turmoil.
He went on to say that these actions would make it possible for the government to offer a variety of types of help to individuals to shield them from the effects of inflation. In layman’s words, the government’s goal is to reduce the economic strain placed on the population by bringing inflation under control and using taxation to pay assistance for those negatively impacted by the growing cost of living.