The Office for National Statistics said inflation, as measured by the consumer prices index, fell to 2.3% in the year through April, down from 3.2% in March. That is the lowest level since July 2021 when the global economy was still being held back by the coronavirus pandemic. The fall also takes inflation nearer to the Bank of England’s target rate of 2% and is likely to pile pressure on its nine-member rate-setting panel to cut interest rates from the current 16-year high of 5.25%. Since 2020 goods and services have risen by 15%, with food prices up even more at around 25%.
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