The UK consumer prices index has fallen to 3% in April, according to the Office for National Statistics.
The consumer prices index has fallen 0.5% from 3.5% in March. The retail prices index has fallen to 3.5% in April, down 0.1% from 3.6% in March.
Inflation has fallen markedly since its high in September 2011, but still remains well above the Bank of England’s 2% target. CPI reached a record high of 5.2% in September 2011 while RPI stood at 5.8% in September 2011, its highest point since June 1991.
The continued falls came to end last month when CPI rose from slightly to stand at 3.5%
In the BoE’s latest inflation report, issued earlier this month, the bank said inflation will not fall as quickly as previously thought and will remain above the 2% target “for the next year or so”.
The ONS says the timing of Easter had a significant impact on the April data. It says air transport, off-sales of alcohol, clothing and sea transport were the most significant drivers behind the decrease in CPI between March and April.
Partially offsetting these were smaller upward pressures from the operation of personal transport equipment, restaurants & hotels and rents.
It says the largest downward pressures which led to the fall in RPI came from alcoholic drinks, clothing, fares & other travel and the purchase of motor vehicles. Partially offsetting these were upward pressures from housing and petrol & oil.