Skip to content 
Search

Latest Stories

UK annual inflation slides to 13-month low

Despite the sharp drop, April’s rate was above the Bank of England’s prediction of 8.4 per cent

UK annual inflation slides to 13-month low

BRITAIN'S annual inflation rate fell sharply to a 13-month low of 8.7 per cent in April with energy prices much weaker than a year earlier, official data revealed Wednesday (24).

The rate of price increases slowed from 10.1 per cent in March, bringing inflation under 10 per cent for the first time since August last year, the Office for National Statistics said in a statement.

At 8.7 per cent, it was the lowest level since March last year, when the rate stood at 7.0 per cent.

"However, prices in general remain substantially higher than they were this time last year, with annual food price inflation near historic highs," noted ONS chief economist Grant Fitzner.

Despite the sharp drop, April's rate was above the Bank of England's (BoE) prediction for inflation of 8.4 per cent last month.

Britain's annual inflation rate in April was also the highest among countries in the Group of Seven rich economies featuring also Canada, France, Germany, Italy, Japan and the United States.

The BoE's target rate of 2.0 per cent remains very far off, while the UK government has said it sees inflation dropping to about 5.0 per cent by year-end.

Last month, "the rate of inflation fell notably as the large energy price rises seen last year were not repeated... but was offset partially by increases in the cost of second-hand cars and cigarettes," Fitzner added.

The data comes one day after the International Monetary Fund delivered a major U-turn on its forecast for the UK economy, saying it expected growth this year just one month after predicting a contraction.

Britain's economy is expected to expand 0.4 per cent in 2023, the IMF said in its latest outlook document, which cited weaker energy prices.

The IMF ripped up its previous forecast in April for a 0.3-per cent contraction.

"The IMF said yesterday we've acted decisively to tackle inflation but although it is positive that it is now in single digits, food prices are still rising too fast," chancellor of exchequer Jeremy Hunt said following Wednesday's data.

(AFP)

More For You

Tata-Steel

he Port Talbot EAF will produce up to 3 million tonnes of steel per year using UK-sourced scrap.

getty images

Tata Group begins construction of new Electric Arc Furnace in Port Talbot

TATA STEEL UK has started construction of a new Electric Arc Furnace (EAF) at its Port Talbot site in South Wales. Tata Group chairman Natarajan Chandrasekaran marked the groundbreaking ceremony on July 14, joined by Tata Steel CEO and managing director TV Narendran and Tata Steel UK CEO Rajesh Nair.

The EAF project is part of Tata Steel UK’s £1.25 billion plan to transition to low-carbon steelmaking, backed by £500 million from the UK government. The furnace is expected to be commissioned by the end of 2027 and aims to reduce carbon emissions at Port Talbot by about 90 per cent, or 5 million tonnes of CO₂ annually. The project is expected to support 5,000 jobs.

Keep ReadingShow less
Virgin Media

Virgin Media has not yet issued an official statement about the current outage

iStock

Virgin Media users face nationwide blackout and Sky Sports login problems

Highlights:

  • Virgin Media users report widespread service outages on the morning of 14 July
  • Over 400 complaints logged on DownDetector within hours
  • Customers say live chat support has been unresponsive or unhelpful
  • Issues also reported with Sky Sports app logins via Virgin Media
  • Company yet to issue full statement but advises users to contact customer services

Virgin Media broadband users across the UK experienced widespread disruption on Monday morning (14 July), with several hundred reporting a complete internet “blackout” and issues accessing the Sky Sports app via their Virgin logins.

According to data from DownDetector, over 400 reports were logged in the early hours, with affected customers sharing their frustration online. Many cited connectivity failures, poor customer support, and issues persisting for hours.

Keep ReadingShow less
Labour’s non-dom tax changes may cost £4bn, experts warn

Starmer and Reeves during a visit to Horiba Mira in Nuneaton in Nuneaton. (Photo: Getty Images)

Labour’s non-dom tax changes may cost £4bn, experts warn

PLANS by Labour to overhaul the tax rules for non-domiciled residents in the UK could cost the public purse up to £4 billion and result in the loss of thousands of private sector jobs, according to a new analysis.

A report by the Centre for Economics and Business Research (CEBR), shared with The Times, suggested that scrapping the current non-dom regime could lead to a sharp drop in tax revenues if even a fraction of those affected decide to leave the country.

Keep ReadingShow less
Tesla set to open first showroom in India

Elon Musk and Narendra Modi (right)

Tesla set to open first showroom in India

US CARMAKER Tesla is finally making its official debut in India with the opening of its first showroom in Mumbai.

The firm, led by Elon Musk, will unveil the new “Tesla Experience Centre” on Tuesday (15) at Maker Maxity Mall in the Bandra Kurla Complex, one of the city's top commercial hubs.

Keep ReadingShow less
Asian firm acquires Kings Court Hotel for £2.75m

UK-based Nanak Hotels acquired the 60-room Kings Court Hotel in Warwickshire for £2.75 million. (Photo: Colliers International UK)

Asian firm acquires Kings Court Hotel for £2.75m

UK-BASED Nanak Hotels recently acquired the 60-room Kings Court Hotel, a 17th-century property in Warwickshire, England, for £2.75 million. This is the first regional acquisition by the privately held firm led by British Indians Harpreet Singh Saluja and Karamvir Singh.

Nanak Hotels, which operates a UK property portfolio, plans to invest in the property's refurbishment and repositioning, according to a statement from Colliers International UK, which brokered the transaction.

Keep ReadingShow less