UK inflation down to 2.8% to give 'breathing space' to Bank of England

On a monthly basis, CPI rose by 0.7% in April 2026, compared with 1.2% a year before, according to the Office for National Statistics today (20 May). Housing and household services made the largest downward contribution to the change while an upward contribution from a spike in motor fuel prices was offset by other categories in transport. Core CPI (CPI excluding energy, food, alcohol and tobacco) rose by 2.5% in the 12 months up to April 2026, down from 3.1% in the 12 months to March. Scott Gardner, investment strategist, JP Morgan Personal Investing, said: "The fall in UK i...