UK inflation drops to 2.3% in April, nearing Bank of England’s target
The war between Russia and Ukraine — both major producers of food commodities and energy — has disrupted global production, trade and supply in these areas, leading to a surge in prices.
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U.K. inflation fell to 2.3% in April, the Office for National Statistics said on Wednesday, coming closer to the Bank of England’s target rate even while missing expectations.
That was down from a headline rate reading of 3.2% in March, but economists polled by Reuters had expected a steeper drop to 2.1%.
Investors are keenly watching the print, after BOE policymakers indicated they would be willing to cut interest rates some time in the summer, but stressed that the timing will depend on fresh data.
This is a breaking news story and will be updated shortly.
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