Inflation in the UK continues to decline!
Annual inflation in the UK stood at 2.3 percent in April.
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According to data released by the UK Office for National Statistics (ONS), inflation in the country fell to 2.3 percent in April from 3.1 percent in March.
Market expectations were for inflation to drop to 2.1 percent, driven by a sharp decline in energy prices.
Consumer prices in the country rose by 0.3 percent on a monthly basis in April.
While the drop in gas and electricity prices provided the largest downward contribution to inflation, core inflation, which excludes energy and food prices, was 3.9 percent on an annual basis.
Core inflation was measured at 4.2 percent on an annual basis in March.
Service sector inflation was 5.9 percent on an annual basis in April. Service sector inflation was recorded at 6 percent in March.
In his assessment of the data, ONS Chief Economist Grant Fitzner stated that electricity and gas prices had a downward effect on inflation, noting that tobacco and food prices also declined on an annual basis, but this was offset by a slight rise in fuel prices.