It is the first time in over a year that inflation has decreased (Picture: Getty Images/iStockphoto)
The rate of inflation is back in single digits for the first time since last summer, easing to 8.7% last month.
The Office for National Statistics (ONS) said the decline in the consumer prices index measure (CPI) was mainly driven by gas and electricity costs remaining stable in April when compared to the unprecedented leap recorded in the same month last year.
The rate of CPI inflation decreased to 8.7% in April from 10.1% in March, figures showed.
Chancellor Jeremy Hunt, commenting on the latest inflation figures, said: ‘The IMF said yesterday we’ve acted decisively to tackle inflation but although it is positive that it is now in single digits, food prices are still rising too fast.
‘So as well as helping families with around £3,000 of cost-of-living support this year and last, we must stick resolutely to the plan to get inflation down.’
The cpi decreased from 10.1% to 8.7% (Picture: Getty)
The Chancellor said we ‘must stick to the plan to get inflation down’ (Picture: REUTERS)
April 2022 saw the energy price cap lifted by 54% to £1,971 to reflect, for the first time, the impact of Russia’s war in Ukraine on European gas and electricity supplies.
Energy costs have been the main source of the cost of living crisis since the invasion, fuelling not only household energy bills but also manufacturing and transport prices which continue to filter through the economy.
However, the new inflation figure does not mean prices are falling – it just simply means they’re not going up as fast.
The rate of 8.7% means a trolley full of groceries that would have cost you £100 last April now costs £108.70.
The fall in this April’s inflation figure is down to the fact that the ONS is comparing prices with April 2022, which was the first time energy prices shot up as a result of Russia’s invasion of Ukraine.
Sarah Pennells, Consumer Finance Specialist at Royal London said: ‘While headline inflation has fallen, prices are still rising faster than wages and many remain trapped in a cycle of financial crisis.
‘Food inflation remains stubbornly high, and 12 increases in the Bank of England’s base rate have ratcheted up borrowing costs for millions of homeowners.
‘While families are making cutbacks across their everyday spending in an attempt to make their money stretch, many are still overdrawn or have to borrow before the end of the month.’
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It is back in single digits for the first time since last summer.
