UK inflation drops to 2.3% in April, nearing Bank of England's target
UK Inflation Nears Target: Enough to Cut Rates?
In April, U.K. inflation decreased to 2.3%, nearing the Bank of England's target but not meeting the anticipated 2.1%. Core inflation also fell to 3.9%. Despite these reductions, services inflation only slightly decreased to 5.9%, missing the forecasted 5.5%. These figures are critical as they may influence the Bank of England's upcoming decisions on interest rates.
What was the expected inflation rate according to economists polled by Reuters, and how did the actual rate compare?
The economists polled by Reuters expected the inflation rate to fall to 2.1% in April. However, the actual rate reported by the Office for National Statistics was slightly higher at 2.3%. While this misses the economists' expectations, it represents a significant decline from the 3.2% inflation rate recorded in March.
What was the U.K. inflation rate in April as reported by the Office for National Statistics?
The U.K. inflation rate in April was reported to be 2.3% by the Office for National Statistics. This was a decline from the 3.2% rate observed in March, and it came closer to the Bank of England's target rate. However, it missed economists' expectations, who had predicted a steeper drop to 2.1%.