The UK inflation rate has dropped for the first time in eight months, but prices on basic essentials remain high.
The latest data from the Office of National Statistics (ONS) showed a drop in the Consumer Prices Index (CPI) 12-month inflation rate in April to 10.5 percent, which is lower than November’s 10.7 percent, and down from the peak in October of 11.1 percent.
However, the CPI figures rose by 7.8 percent in the 12 months to April 2023. This compares to 8.9 percent in March.
Electricity and gas prices contributed 1.42 percentage points to the fall in annual inflation in April as last April’s rise dropped out of the annual comparison. Energy prices still contributed 1.01 percentage points to annual inflation….