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UK inflation slows to 2.2% in April

UK inflation slows to 2.2% in April

Mubasher: The UK’s consumer price index (CPI), the measure of inflation, showed a year-on-year decline to 2.2% in April, its lowest level since January 2017 having reached a high of 2.8% during the autumn of 2017.

Inflation is also down from 2.3% in March, data released by the Office for National Statistics (ONS) showed on Wednesday.

The largest downward contribution to the change of inflation rate was primarily brought about by airfares “influenced by the timing of Easter.”

On the other hand, rising prices for motor fuels accounted for the largest upward effect, partially offsetting the downward contribution.

The CPI’s 12-month rate registered 2.4% in April, falling from 2.5% the month before, according to the data.

By 9:29 am GMT, the GBP/USD pair fell 0.49% to $1.3366, while the EUR/GBP inched up 0.10% to GBP 0.8779.