UK inflation rate drops to 8.7% after record highs
ONS chief economist Grant Fitzner said: “The rate of inflation fell notably as the large energy price rises seen last year were not repeated this April, but was offset partially by increases in the cost of second-hand cars and cigarettes.
The slowdown is good news for stretched households, and most experts believe inflation has now peaked.Food and non-alcoholic beverage prices saw an annual rise of 19.1% in April, down only slightly on March’s eye-watering of 19.2%. "The result? More people are missing bills, more people can’t keep up with credit commitments, and 50% of adults are feeling more anxious or stressed as a result of inflation."
Alice Haine, personal finance analyst at Bestinvest, said: "Softening inflation, is better news for budgets relentlessly battered by the cost of living crisis over the past 18 months.
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