Inflation Hits Lowest Level Since November 2021 as Food and Non-Alcoholic Beverage Prices Increase

  • Inflation falls to 2.3% in April from 3.2% in March
  • Prices of food and non-alcoholic beverages rose by 2.9% in the year to April 2024, down from 4.0% in the year to March
  • Gas prices fell by 37.5% on the year, compared with a fall of 26.5% in the year to March 2024
  • Electricity prices fell by 21.0%, compared with 13.0% in March
  • Prices of electricity, gas and other fuels fell by 27.1% in the year to April 2024, the largest fall on record
  • Tobacco prices helped pull down the rate with no duty changes announced in the budget
  • The prices of goods leaving factories have risen a little over the year
  • Raw materials and fuels grew in the last month but remain below where they were a year ago

UK inflation has fallen to its lowest level in almost three years at 2.3% in April, according to the Office for National Statistics (ONS). This is down from 3.2% in March. The largest downward contributions came from falling gas and electricity prices, while the largest partially offsetting contribution was from motor fuels. Food and non-alcoholic beverage prices rose by 2.9% in the year to April 2024, compared with a rise of 4.0% in the year to March 2023. The ONS chief economist Grant Fitzner stated that tobacco prices also contributed to the decrease due to no duty changes announced in the budget. Prices of goods leaving factories have increased slightly over the year, while raw materials and fuels grew in the last month but remain below their levels from a year ago.

Factuality Level: 10
Factuality Justification: The article provides accurate information from a reliable source (Office for National Statistics), presents data clearly, and does not include any misleading or sensationalist content. It also avoids personal opinions and presents logical reasoning.
Noise Level: 2
Noise Justification: The article provides relevant information about inflation rates and their contributing factors, with clear explanations and data to support its claims. It stays on topic and does not dive into unrelated territories. The article also supports its claims with evidence from the Office for National Statistics (ONS) and quotes from ONS chief economist Grant Fitzner.
Financial Relevance: Yes
Financial Markets Impacted: Inflation rate impacts various sectors including energy, fuel, food, and manufacturing industries.
Financial Rating Justification: The article discusses inflation rates which can affect consumer spending, business costs, and investment decisions in these sectors, thus impacting financial markets and companies.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the article.

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