Monday, May 29, 2023

UK CPI eased to 8.7% in April, but core rate rose to 1992 highs

Interannual growth in Britain stood at 8.7% last April, compared to 10.1% registered in March, as reported on Wednesday by the British Office for National Statistics (ONS).

The slowdown in prices in April was less than expected according to the consensus of analysts, who predicted an inflation rate of 8.2%.

The ONS analyzed the slowdown in the CPI annual rate reflecting the slope of the contribution of 16 twelfths, with the largest downward contribution coming from housing and domestic work, while the largest upward variation was observed in leisure and culture.

In the fourth month of 2023, the year-on-year rise in food and non-alcoholic beverages was 19%, just one-tenth below the rise of the previous month, while household supplies became 12.3% more expensive in the year. on-year, after rising by 26.1% in March.

For its part, the core CPI, which excludes the volatility of energy, food, alcohol and tobacco prices, accelerated to 6.8% in April, six tenths more than in March and its highest level since March 1992.

In monthly terms, prices registered an increase of 1.2% in the fourth month of the year, compared to a rise of 2.5% in March.

At the last meeting, the Monetary Policy Committee of the Bank of England voted to raise the reference rate for its operations by 25 basis points, up to 4.5%, the highest level since the autumn of 2008, thus extending to twelve meetings in a row. increases in the value of money.

In its analysis, the Bank of England indicated that it expects the growth rate to “fall sharply in April”, partly as a result of the base effect due to the strong growth reported a year ago.

Nation World News Desk
Nation World News Desk
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