Wednesday, May 31, 2023

UK inflation eases in April, but core inflation hits 1992 high

According to Britain’s Office for National Statistics, Britain’s year-on-year inflation rate fell from 10.1% in March to 8.7% in April. The slowdown in price rise in April was below the consensus of analysts, who had forecast an inflation rate of 8.2%.

The agency noted that the slowdown in the CPI annual rate reflected downward contributions from 6 of the 12 divisions, with the largest downward contribution coming from housing and household services, while the largest upward variation was seen in leisure and culture. .

In the fourth month of 2023, the year-on-year increase in the price of food and non-alcoholic beverages was 19%, only one-tenth less than the previous month’s increase, while the supply of housing became more expensive by 12.3% year on year On-year, after a 26.1% increase in March.

Inflation: Which increased the most in Britain

For its part, the core CPI, which excludes volatility of energy, food, alcohol and tobacco prices, rose by 6.8% in April, six-tenths higher than in March and its highest level since March 1992. In monthly terms, prices registered a record increase. The fourth month of the year saw an increase of 1.2% compared to an increase of 2.5% in March.

At its last meeting, the Bank of England’s Monetary Policy Committee decided to raise the reference interest rate for its operations by 25 basis points to 4.5%, its highest level since autumn 2008, thus continuing to extend to twelve sittings, value for money.

In its analysis, the Bank of England indicated that it expected the inflation rate to “fall sharply from April”, partly as a result of the base effect from the stronger growth recorded a year earlier.

Nation World News Desk
Nation World News Desk
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