Declining inflation falls short of expectations; lowest still since 2021

Economists had forecast CPI to drop to 2.1% for the month, down from 3.2% versus March. On a monthly basis, CPI rose by 0.3% in April 2024, compared with a rise of 1.2% in April 2023, according to data from the Office for National Statistics (ONS). Falling gas and electricity prices caused the largest downward contributions to the monthly change in both the housing cost equivalent and CPI annual rates, the ONS said. Meanwhile the largest, partially offsetting, upward contribution came from motor fuels, with prices rising this year but still down over 12 months. "That is a relief...