22 May 2024

The Office for National Statistics (ONS) has released the April inflation figures which are down to 2.3% in the year to April 2024.

The biggest contributor to the falling inflation is energy prices and the associated April 2023 figures falling out of the yearly calculation. April 2023’s monthly inflation figure was 1.2% on its own, comparatively, April 2024 shows a rise of 0.3% giving us the fall of 0.9%.

With the year-on-year figure now getting closer to the targeted 2%, will the Bank of England’s Monetary Policy Committee (MPC) now consider reductions to the bank rate? Well, we will next see more inflation data on 19 June, followed by the MPC decision on 20 June 2024.

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