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

Indian entrepreneurs lead America's billion-dollar start-up boom

Jyoti Bansal (Photo: X)

Indian entrepreneurs lead America's billion-dollar start-up boom

A NEW study revealed that India has become the top source of foreign-born founders behind America’s most valuable start-ups, highlighting the country's growing influence in the global technology sector.

Research by Stanford University’s Venture Capital Initiative showed that Indian entrepreneurs have founded 90 "unicorn" companies - start-ups valued at over $1 billion - in the US.

Keep ReadingShow less
Arun Srinivas

Meta considers India a key growth market

Meta

Arun Srinivas steps up as Meta’s Managing Director for India

Meta has announced the appointment of Arun Srinivas as the new Managing Director and Head of its India operations. He will assume the role from 1 July 2025, reporting to Sandhya Devanathan, who was recently promoted to oversee Meta's operations in both India and South East Asia.

Expanded role for Srinivas

In his new position, Srinivas will be responsible for aligning Meta’s business, innovation, and revenue priorities to better serve partners and clients across India. His focus will include strengthening strategic relationships with advertisers, developers, and brands, as well as continuing to support Meta’s long-term growth in the region.

Keep ReadingShow less
Trump Mobile

President Trump reported earning over $8 million in 2024 from various licensing agreements

Getty Images

Trump Mobile introduces $499 device bundled with $47 unlimited talk, text and data plan

The Trump Organization has announced the launch of Trump Mobile, a branded mobile phone service and a $499 smartphone, both expected to debut in September 2025. This marks the latest in a growing list of commercial ventures associated with President Donald Trump.

The 47 Plan: patriotic branding and telecoms offering

Trump Mobile’s service package, dubbed The 47 Plan, will cost $47.45 per month and include unlimited calls, texts, and data. Customers will also receive roadside assistance and access to a “Telehealth and Pharmacy Benefit”. Both the name and pricing of the plan are symbolic, referencing Trump’s political position as the 47th president of the United States.

Keep ReadingShow less
Madhvani group executives meet Modi to discuss investments in India

Madhvani Group executives with Narendra Modi

Madhvani group executives meet Modi to discuss investments in India

Executives from the Madhvani Group, including Shrai Madhvani, his wife Aparna Madhvani, and director Nitin Gadhia, met Indian Prime Minister Narendra Modi at his official residence in New Delhi on Saturday to discuss the group’s proposed investments in India, including the acquisition of Hindustan National Glass Ltd (HNGIL).

The meeting focused on the group's plans to invest in India through INSCO, which is seeking to acquire HNGIL, the country’s largest container glass manufacturer. The acquisition is currently awaiting approval from the National Company Law Tribunal (NCLT), following key rulings by the Supreme Court of India on January 29 and May 16, 2025.

Keep ReadingShow less
Apple India Reroutes 97% of iPhones to US Amid Tariff Push

Apple iPhones are seen inside India's first Apple retail store in Mumbai, India, April 17, 2023.

REUTERS

Foxconn sends 97 per cent of India iPhone exports to US amid tariff push

NEARLY all iPhones exported by Foxconn from India between March and May were shipped to the United States, according to customs data reviewed by Reuters.

The data showed that 97 per cent of Foxconn’s iPhone exports during this period went to the US, significantly higher than the 2024 average of 50.3 per cent.

Keep ReadingShow less