The rate of price rises has dropped to 2.3% in April – the lowest in nearly three years and just above the Bank of England’s target, according to official data.
Inflation is at a low not seen since July 2021, the Office for National Statistics (ONS) said.
A month earlier, in the year up to March, the figure was 3.2%.
It’s now just above the 2% target set by the Bank of England and central banks across the world and will likely encourage the rate-setters to lower interest rates and make borrowing cheaper as a result.
A goal of 2% is set by central banks, whose job it is to ensure inflation sticks at that level, as it’s judged high enough so consumers avoid putting off purchases for fear of goods becoming cheaper and low enough that there’s price certainty.
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