UK inflation has fallen to its lowest level in nearly three years as the Prime Minister claimed inflation was “back to normal”.

Consumer Prices Index (CPI) inflation slowed to 2.3% in April, down from 3.2% in March, according to the Office for National Statistics (ONS).

It is the lowest level of inflation recorded since July 2021, when inflation was recorded at 2%.

Prices are still rising across the country, but at a much slower rate than in recent years.

Glasgow Times:

Rishi Sunak declared inflation was “back to normal” in response to the latest figures, and that “brighter days are ahead”.

Lower gas and electricity prices helped bring down the overall inflation figure in April, with prices plunging by more than a quarter in the year to April, the largest fall on record.

Food and drink price rises also slowed for the 13th month in a row to 2.9% in April, from 4% in March, and the lowest level since November 2021.

However, services inflation, a critical indicator for Bank of England policymakers, dipped slightly from 6% in March to 5.9% in April, coming in ahead of the 5.4% rate that some economists had been predicting.

The Prime Minister said: “Today marks a major moment for the economy, with inflation back to normal.

“This is proof that the plan is working and that the difficult decisions we have taken are paying off.

“Brighter days are ahead, but only if we stick to the plan to improve economic security and opportunity for everyone.”

In response to the Prime Minister, Money Saving Expert Martin Lewis said: “The PM talks about people ‘feeling the benefit’ of lower inflation. Yet lower inflation still means rising prices (on top of previous high rises).

“A more accurate phrase would be ‘stopping feeling increased pain’.”

Grant Fitzner, the ONS’s chief economist, added: “There was another large fall in annual inflation led by lower electricity and gas prices, due to the reduction in the Ofgem energy price cap.

“Tobacco prices also helped pull down the rate, with no duty changes announced in the budget.

“Meanwhile, food price inflation saw further falls over the year. These falls were partially offset by a small uptick in petrol prices.”