Inflation drops to 8.7% in April but remains above expectations

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...