UK inflation falls by less than expected to 2.3%

Drop in April is smaller than forecast but still takes rate down to lowest level in almost three years

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UK inflation fell to 2.3% in April – its lowest level for almost three years – but the decline was smaller than expected, denting hopes of a return to the Bank of England’s 2% target.

The drop in the consumer prices index (CPI), down from 3.2% in March, was driven by easing energy and food costs. The last time it was lower was in July 2021.