The UK Consumer Prices Index (CPI) annual inflation rate has dropped to 2.3% in the 12 months to April 2024, a decrease from 3.2% in March.  

The data, provided by the Office for National Statistics (ONS), reveals that on a monthly basis the CPI experienced a 0.3% increase in April 2024, slower than the 1.2% increase in April 2023. 

The core CPI, which excludes volatile items such as energy, food, alcohol and tobacco, saw a decrease to 3.9% in the 12 months to April 2024, down from 4.2% in March.  

The CPI for food and non-alcoholic beverages increased by 2.9% in the year to April 2024, a decline from 4% in March and the lowest annual rate since November 2021.  

The inflation rate for clothing and footwear also fell to 3.7% in the 12 months to April 2024, down from 4% in the previous month.  

On a monthly basis, the prices of clothing and footwear saw a modest growth of 0.4%. 

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British Retail Consortium insight director Kris Hamer said: “Inflation continued to head back towards the Bank of England’s 2% target, with a significant drop in April. The lowest energy price cap in two years, and food inflation falling to its lowest level since November 2021, helped to reduce pressure on household finances and brighten their outlook for the economy.  

“There were also notable falls in the inflation rate of clothing and footwear and alcoholic beverages. And there was good news for fruit lovers as the price of fresh, dried and preserved fruit products all fell on the month.”