UK Inflation Falls to 2.3%, Nearing Bank of England's Target

Interest rate cuts unlikely before November despite significant drop in energy prices and overall inflation.

• Consumer Prices Index rose 2.3% in April, slightly above the 2.1% forecast by economists.
• Energy price cap reduction led to a 12% drop in energy costs, contributing to lower inflation.
• Services inflation remains high at 5.9%, complicating the decision for an earlier interest rate cut.
• Prime Minister Rishi Sunak and Chancellor Jeremy Hunt highlight progress but acknowledge ongoing economic challenges.
• Market expectations for interest rate cuts have shifted from June to later in the year, possibly August or November.

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