UK inflation falls to lowest level in over a year but food prices remain elevated

Official figures show that inflation in the U.K. has fallen to its lowest level since the immediate aftermath of Russia’s invasion of Ukraine, which caused energy and food costs to surge. The Office for National Statistics said Wednesday that the consumer price index dropped to 8.7% in the year to April from 10.1% in March, largely because last year’s energy spike in the wake of the invasion dropped out of the annual comparison. The fall took inflation to its lowest level since March 2022, a month after the war began. Though welcome, the fall was not as big as anticipated. The consensus in financial markets was that it would ease back further to 8.3%,