Inflation drops to 8.7% in April but remains above expectations

Latest Office for National Statistics data released

clock • 2 min read

The rate of inflation in the UK dropped below 10% for the first time in eight months in April with official figures putting it at 8.7%.

Data from the Office for National Statistics (ONS) released today (24 May) revealed the drop, however, forecasters had predicted the number would be closer to 8%. The government's inflation target is 2%. Abrdn Adviser chief commercial and strategy officer Jonny Black said: "The Bank of England (BoE) has indicated that this is just the start of a significant drop in inflation over the coming months, helped by falling energy prices.  "But it has also admitted that the knock-on effects in areas like wages and prices will be ‘sticky' factors, keeping inflation still at high levels for lon...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Bank of England

Bank of England holds rates at 5.25% after inflation falls

MPC in split decision after inflation unexpectedly fell in August

Valeria Martinez
clock 21 September 2023 • 3 min read
Food inflation remains well above the headline rate but has also fallen, down to 13.6% from las month’s 14.9% figure.

Rate rise remains likely despite surprise inflation fall to 6.7%

Prospect of more hikes cannot be taken 'off the table'

James Baxter-Derrington
clock 20 September 2023 • 1 min read
Even during the Global Financial Crisis, opinions of the Bank of England remained positive

Public satisfaction with Bank of England falls to record low

Only 19% satisfied with the BoE's performance in fighting inflation

Elliot Gulliver-Needham
clock 19 September 2023 • 1 min read