UK CPI dropped -0.2% mom in April. Annually, CPI slowed to 0.8% yoy, down from 1.5% yoy, below expectation of 0.9% yoy. That’s also the lowest level since August 2016. Core CPI slowed to 1.4% yoy, down from 1.6% yoy, matched expectations. RPI, an older measure of inflation, slowed to 1.5% yoy, down from 2.6% yoy.
“Falling petrol and diesel prices, combined with changes to the domestic energy price cap were the main reasons for lower inflation in April,” ONS Deputy National Statistician Jonathan Athow said.
Also released, PPI input came in at -5.2% mom, -9.8% yoy, below expectation of -3.7% mom, -8.4% yoy. PPI output was at -0.8% mom, 0.7% yoy, below expectation of -0.4% mom, -0.4% yoy. PPI output core was at -0.1% mom, 0.6% yoy, matched expectations.
