24 May 2023
Data published by the Office for National Statistics (ONS) has revealed that the UK rate of inflation fell to 8.7% in April from 10.1% in March.
The fall has been attributed to energy price rises slowing from their hikes in 2022.
However, the data also showed that food prices continued to rise at the fastest rate in almost 45 years, although prices of food staples such as milk, eggs and bread have fallen.
Commenting on the data, Grant Fitzner, Chief Economist at the ONS, said: 'If you look at what prices businesses are facing and how much they're paying for domestic food materials, that has come down from over 15% annual last month to under 10% this month.
'Of course, those aren't reflected on supermarket shelves yet.'
Meanwhile, Chancellor Jeremy Hunt commented: 'The IMF said... we've acted decisively to tackle inflation but although it is positive that it is now in single digits, food prices are still rising too fast.
'So as well as helping families with around £3,000 of cost-of-living support this year and last, we must stick resolutely to the plan to get inflation down.'