UK inflation hits steepest fall in 30 years

The downward momentum in annual inflation in the UK continued in April. Annual inflation in the country fell to its lowest level in a year at 8.7 percent. It was observed that annual inflation fell by 1.4 points compared to March. This was recorded as the sharpest decline in inflation in 30 years. Although inflation in the UK exceeded expectations in April, it continued to fall. Annual inflation in the country was 8.7 percent in April. This was the biggest decline in the annual inflation rate in more than 30 years. Economists participating in the Bloomberg survey expected inflation to be recorded as 8.2 percent. Despite the pullback in energy prices, it was noteworthy that inflation was above expectations. The base effect created by the rapidly increasing energy prices last year was effective in the decline in annual CPI in April. On the other hand, core inflation unexpectedly rose from 6.2 percent to 6.8 percent. Although inflation exceeded expectations, it returned to single digits in April. Annual inflation in the country was recorded as 10.1 percent in March. On a monthly basis, inflation in the UK was 1.2 percent in April. The expectation for this data was set at 0.7 percent.