'Behind that sweet headline is a very bitter aftertaste.' Founder and CEO of cost-of-living tool Nous, gregmarsh, discusses the latest ONS inflation stats, as figures falls below 10% for the first time since last August. 📺 Sky 501, Virgin 602
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The rate of inflation is finally back in single digits for the first time since last summer, easing to 8.7% last month - but food inflation remains near 20% and core price inflation is at a 30-year high. The Office for National Statistics said the decline in the consumer prices index measure was mainly driven by gas and electricity costs remaining stable in April when compared with the unprecedented leap recorded in the same month last year.
April last year 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.since the invasion, fuelling not only household energy bills but also manufacturing and transport prices, which continue to filter through the economy.
But while the pace of price rises slowed, it did not fall as much as economists polled by Reuters and the Bank of England expected. A rate of 8.2% had been forecast by economists while 8.4% was expected by the Bank.
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