Rate of UK inflation tumbles to 2.3% – what does it mean for you?

The rate of UK inflation has fallen to the lowest level in almost three years – but it is still higher than some had hoped. What does it mean for interest rates, savers and the economy?

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The rate of UK inflation slowed to 2.3% in the twelve months to April, down from 3.2% in March. That’s according to the latest Consumer Prices Index (CPI) data from the Office for National Statistics (ONS), released at 7am this morning. 

Inflation is now within a whisker of the Bank of England’s 2% target. However, April's headline figure still came in higher than many economists were expecting. Some experts believe this could dash hopes for a June interest rate cut.

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Katie Williams
Staff Writer

Katie has a background in investment writing and is interested in everything to do with personal finance, politics, and investing. She enjoys translating complex topics into easy-to-understand stories to help people make the most of their money.

Katie believes investing shouldn’t be complicated, and that demystifying it can help normal people improve their lives.

Before joining the MoneyWeek team, Katie worked as an investment writer at Invesco, a global asset management firm. She joined the company as a graduate in 2019. While there, she wrote about the global economy, bond markets, alternative investments and UK equities.

Katie loves writing and studied English at the University of Cambridge. Outside of work, she enjoys going to the theatre, reading novels, travelling and trying new restaurants with friends.