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.