The rate of Consumer Prices Index inflation fell to 2.3 percent in April from 3.2 percent in March, the Office for National Statistics said.
This marks the lowest level since July 2021 when inflation was recorded at two percent – the Bank of England’s target.
Commenting on the inflation figures ONS Chief Economist Grant Fizner said: “There was another large fall in annual inflation led by lower electricity and gas prices, due to the reduction of Ofgem’s price cap.
“Tobacco prices also helped pull down the rate, with no duty changes announced in the [Spring] Budget. Meanwhile, food price inflation saw further falls over the year.”
However, he noted: “These prices were partially offset by a small uptick in petrol prices.”
The Consumer Prices Index, including owner occupiers’ housing costs (CPIH), rose by three percent, down from 3.8 percent in the 12 months to March.
Reacting to the latest inflation figures, a Treasury spokesperson said: “We rightly protected millions of jobs during Covid and paid half of people’s energy bills after Putin’s invasion of Ukraine sent bills skyrocketing – but it wouldn’t be fair to leave future generations to pick up the tab.
“That’s why we must stick to the plan to get debt falling. The economy is turning a corner, with strong growth this quarter and inflation close to target, allowing us to cut taxes for the average worker by £900 a year.”
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