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Inflation rate falls to lowest level since August 2016

Inflation rate falls to lowest level since August 2016

The UK’s inflation rate fell to its lowest level since August 2016, data published by the Office for National Statistics (ONS) has revealed.

The Consumer Prices Index (CPI) fell to 0.8% from 1.5% in March, the data showed. Lower petrol and diesel prices alongside lower energy bills helped to decrease the rate of inflation.

However, the prices of games and toys rose. The ONS stated that this may be due to more people having to stay home as a result of the coronavirus (COVID-19) lockdown.

The fall in the rate of inflation could be positive news for savers: individuals may be able to get above-inflation interest rates on some savings accounts.

Commenting on the figures, Jonathan Athow, Deputy National Statistician for Economic Statistics at the ONS, said: ‘While the coronavirus limited the availability of some goods and services, its effect on prices was more muted.

‘Food prices grew no more quickly than other goods and services, though fresh vegetables did see stronger rises.’

 

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