UK inflation rate eases to 2.8% in April, but slowdown is expected to be short-lived
The U.K. inflation rate decreased to 2.8% in April, according to preliminary data from the Office for National Statistics. This decline was influenced by lower energy prices due to government support measures and a decrease in global wholesale energy prices. However, rising energy costs linked to the Iran war are expected to lead to an increase in consumer prices in the near future.
- ▪U.K. inflation dropped to 2.8% in April from 3.3% in March.
- ▪The decrease was largely due to an energy price cap and lower global energy prices.
- ▪Higher energy costs from the Iran war are anticipated to push inflation back up soon.
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U.K. inflation eased to 2.8% in April, preliminary data from the Office for National Statistics (ONS) showed on Wednesday.Economists polled by Reuters had expected the inflation rate to drop back to 3%, cooling from 3.3% in March, largely due to an energy price cap introduced by the U.K.'s energy regulator Ofgem on April 1.Consumer prices are expected to continue to increase, however, as higher energy costs due to the Iran war continue to materialize."There was a notable fall in annual inflation led by lower electricity and gas prices.
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