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1. • • The drop in annual consumer price inflation from April's 2.3% reading - in line with economists' expectations - took it to its lowest since July 2021 and marks a sharp decline from the 41-year high of 11.1% in October 2022.
     www.reuters.com/markets/europe/uk-inflation-returns-target-first-time-since-2021-2024-06-19/

     UK inflation drops to 2% target for first time since 2021

2. People also ask

   What happened to UK consumer prices in April 2024?

   • UK consumer prices, as measured by the Consumer Prices Index (CPI), were 2.3% higher in April 2024 than a year before. This was down from 3.2% in March and the lowest since July 2021. The 2.3% outturn for April was a higher than expected, with the consensus forecast among economists of 2.1%.

   Rising cost of living in the UK - House of Commons Library

   commonslibrary.parliament.uk/research-briefings/cbp-9428/

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   Why are prices so high in the UK?

   • Price increases come from external pressures, so rising international prices for energy and food were a big part of the problem. Other rising costs can be within Britain, so labour shortages for some sectors have been pushing up pay, which companies pass on to customers.

   Coming down but still going up: The trouble with inflation

   www.bbc.co.uk/news/articles/c722gm1zrx4o

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   Will a rate rise slow inflation in the UK?

   • The theory is that if more people to save, this should slow the increase in prices of everyday goods by tempering demand. However, some analysts say a rate rise may not be effective in this case, because many of the factors driving UK inflation are global, such as higher oil prices.

   Inflation: UK prices soar at fastest rate for almost ten years

   www.bbc.co.uk/news/business-59316544

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   Are house prices rising in Scotland?

   • While housing is not as high a cost in Scotland as it is in parts of England, it has been rising. Figures from the Registers of Scotland show the average house transaction rose in the year to April by 4.5%, despite mortgage rates at relatively high levels. In England and Wales, prices have been falling but were up 1.1% in the most recent 12 months.

   Coming down but still going up: The trouble with inflation

   www.bbc.co.uk/news/articles/c722gm1zrx4o

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   Will inflation hit the bank of England's target for the first time?

   • Inflation has hit the Bank of England's target for the first time in almost three years. Prices rose at 2% in the year to May, down from 2.3% the month before, official figures show.

   Inflation falls to lowest level in almost three years

   www.bbc.co.uk/news/articles/cjrrk8j7pwxo

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   How does inflation affect the cost of living in the UK?

   • The cost of living increased sharply across the UK during 2021 and 2022. The annual rate of inflation reached 11.1% in October 2022, a 41-year high, before subsequently easing. Recent data shows the annual inflation rate was 2.3% in April 2024. Inflation affects the affordability of goods and services for households.

   Rising cost of living in the UK - House of Commons Library

   commonslibrary.parliament.uk/research-briefings/cbp-9428/

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3. commonslibrary.parliament.uk › research-briefingsRising cost of living in the UK - House of Commons Library

   commonslibrary.parliament.uk › research-briefings

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   May 24, 2024 · UK consumer prices, as measured by the Consumer Prices Index (CPI), were 2.3% higher in April 2024 than a year before. This was down from 3.2% in March and the lowest since July 2021. The 2.3% outturn for April was a higher than expected, with the consensus forecast among economists of 2.1%. Most of the decline in the annual inflation rate was ...

4. www.bbc.co.uk › news › articlesUK inflation hits target for first time in almost three years

   www.bbc.co.uk › news › articles

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   Jun 19, 2024 · Inflation has hit the Bank of England's target for the first time in almost three years. Prices rose at 2% in the year to May, down from 2.3% the month before, official figures show.

5. www.bbc.co.uk › news › articlesComing down but still going up: The trouble with inflation

   www.bbc.co.uk › news › articles

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   Jun 19, 2024 · An imaginary basket of 700 goods and services bought by households has gone up in price by 2% in the year to May, down from 2.3% in the year to April. In autumn of 2022, the consumer price ...

6. www.ons.gov.uk › economy › inflationandpriceindicesInflation and price indices - Office for National Statistics

   www.ons.gov.uk › economy › inflationandpriceindices

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   Jun 19, 2024 · Use our inflation calculator to see how increases in the cost of living have affected you in the past year. The rate of inflation is the change in prices for goods and services over time....

7. www.beta.ons.gov.uk › economy › inflationandpriceConsumer price inflation, UK - Office for National Statistics

   www.beta.ons.gov.uk › economy › inflationandprice

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   1. Main points. The Consumer Prices Index including owner occupiers’ housing costs (CPIH) rose by 2.8% in the 12 months to May 2024, down from 3.0% in the 12 months to April. On a monthly basis,...

8. www.bbc.co.uk › news › business-59316544Inflation: UK prices soar at fastest rate for almost ten years

   www.bbc.co.uk › news › business-59316544

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   Nov 17, 2021 · Business reporter, BBC News. The cost of living has surged at its fastest pace in almost 10 years, hitting 4.2% in the year to October. It is mainly due to higher fuel and energy prices but the...

9. www.ons.gov.uk › economy › inflationandpriceindicesConsumer price inflation, historical estimates and recent ...

   www.ons.gov.uk › economy › inflationandpriceindices

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   Main points. The average 12-month growth rate of the Consumer Prices Index including owner occupiers’ housing costs (CPIH) between 1950 and 1988 was 5.8%; considerably higher than the average of...