UK inflation falls to lowest level in over a year but food prices keep decline in check

LONDON (AP) — Official figures show that inflation in the U.K. has fallen to its lowest level since the immediate aftermath of Russia’s invasion of Ukraine which caused energy and food costs to surge. The Office for National Statistics said Wednesday that the consumer price index dropped to 8.7% in the year to April from 10.1% in March. Though welcome the fall was not as big as anticipated. The consensus in financial markets was that it would ease back further to 8.3%. One of the main reasons why inflation is consistently running higher than anticipated as anyone doing the weekly shopping at their supermarket can attest to.