Inflation in British slipped in April for the first time since September last year. Consumer prices rose 0.3 percent from April 2015 as the cost of airfares and clothes fell.
Inflation in British slipped in April for the first time since September last year.
Consumer prices rose 0.3 percent from April 2015, the Office for National Statistics said. Economists had expected inflation to remain at 0.5 percent.
Factors were a drop in airfares after a surge in March around the Easter holidays, as well as lower clothing prices.
— ONS (@ONS) May 17, 2016
An ONS measure of core consumer price inflation – which strips out changes in the price of volatile energy, food, alcohol and tobacco – fell to 1.2 percent, compared with economists’ expectations for 1.4 percent.
The UK central bank, the Bank of England, has forecast inflation will stay below one percent – and way off its two percent target – until near the end of this year due to the global slump in oil prices, the stronger pound and lacklustre growth in wages.
— Bank of England (@bankofengland) May 17, 2016