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United Kingdom Inflation April 2020

United Kingdom: Inflation plunges to lowest level since August 2016 in April

Consumer prices fell a seasonally-adjusted 0.2% in April over the last month, down from the flat result recorded in March. April’s reading marked the sharpest fall in prices since January. Looking at the details of the release, recreation and culture prices rose in April, while transportation prices were flat. Meanwhile, housing and utilities prices declined at a more pronounced pace, and prices for restaurants and hotels gained steam.

Inflation fell to 0.8% in April, down from March’s 1.5%. April’s result was the lowest inflation rate since August 2016. Meanwhile, the trend pointed down slightly, with annual average inflation coming in at 1.6% in April (March: 1.7%). Lastly, core inflation fell to 1.4% from March’s 1.6%. It should be noted that the national lockdown has affected the ONS’s ability to calculate inflation due to some goods and services being temporarily unavailable.

Inflation is seen remaining well below the Bank of England’s 2.0% target this year on weak activity and low fuel prices.

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