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Financial News: UK Inflation Weakest Since Mid-2021

UK Inflation Weakest Since Mid-2021

05/22/2024 - 02:46:00 (RTTNews)

(RTTNews) - UK consumer price inflation weakened to the lowest since July 2021, data from the Office for National Statistics revealed on Wednesday. Consumer prices rose 2.3 percent on a yearly basis in April, slower than the 3.2 percent increase in March. However, inflation was stronger than economists' forecast of 2.1 percent.

The April inflation was the weakest since July 2021, when it was 2.0 percent.

Month-on-month, the consumer price index posted 0.3 percent increase after rising 0.6 percent a month ago. Economists were expecting a 0.2 percent gain.

Core inflation that excludes energy, food, alcohol and tobacco, softened to 3.9 percent from 4.2 percent in March but remained above forecast of 3.6 percent.

The ONS said falling gas and electricity prices resulted in the largest downward contributions to the change in the CPI annual rates. Meanwhile, upward contribution came from motor fuels, with price rising this year but falling in the same period last year.

Another report from the ONS showed that output price inflation was the highest since May 2023. Output prices moved up 1.1 percent after a 0.7 percent gain in March. Monthly inflation remained unchanged at 0.2 percent.

Input prices declined for the eleventh consecutive month in April. Input prices registered an annual fall of 1.6 percent following a 2.5 percent drop in March.

The monthly input PPI inflation rate was 0.6 percent in April, following a revised 0.2 percent fall in March.

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