UK Inflation falls to 2.3% after three years – how will this impact Brits and the price of goods?

Name: UK Inflation falls to 2.3% after three years – how will this impact Brits and the price of goods? | Open Video
Uploaded: 2024-10-07T12:22:15+00:00
Duration: 1 min 4 s

0:00
Inflation fell to 2.3% in April, down from 3.2% in March, and its lowest level in nearly three years
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However, it was still slightly higher than economists at the Bank of England had expected
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They thought it would come in at 2.1%. So why has inflation
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It's mainly a combination of lower gas and electricity prices and tobacco and food prices easing up to
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So what does all this mean? It doesn't mean that prices are falling
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but it does mean that they're rising at a much slower pace than they previously were
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Inflation has come down from over 11% in October 2022. However, services inflation, which the Bank of England view as a main indicator for where
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underlying inflationary pressures are at, actually didn't fool that much. It only fell from 6% last month to 5.9% this month
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Earlier this week, a deputy governor at the bank said a summer interest rate cut was possible
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if incoming data aligned with the bank's forecasts. Now rate setters will be looking for signs that domestic price pressures are decisively easing
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Here at City AM, we would like to know if you've noticed the price of goods and services easing
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Let us know in the comments below

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UK Inflation falls to 2.3% after three years – how will this impact Brits and the price of goods?

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