The inflation rate in the UK has fallen to 2.3% today (down from 3.2%), in the latest official figures for April, from the Office for National Statistics (ONS) – the lowest level in nearly 3 years.
Inflation measures the rate of things increasing in price, such as energy, fuel and groceries.
This is great news for our back pockets overall, but still means overall prices are rising (just at a lower rate than previously. It had been 11.1% in October 2022).
The fall in inflation was mostly due to energy prices falling, which fell by 27.1% over the last 12 months (up to April).
The Bank of England’s target is to get inflation to 2% – so very close, and could mean they’ll lower interest rates at some point this year, which can have a positive impact on mortgages (lower interest rates).
