UK Inflation Hits Lowest Level in Three Years: ONS

UK inflation has hit its lowest level in almost three years, driven by falling gas and electricity prices, official figures show. Following the release of the April data by the Office of National Statistics (ONS), Prime Minister Rishi Sunak said that inflation is “back to where it should be.” In the year to April, the Consumer Prices Index (CPI) rose by 2.3 percent, down from 3.2 percent in the 12 months to March. When viewed on a monthly basis, the CPI rose by 0.3 percent, compared to 1.2 percent in April last year. A drop was also recorded in the CPI including owner occupiers’ housing costs (CPIH)—at 3 percent in the year to April, compared to 3.8 percent in the twelve months to March....