The rate of inflation in the UK fell for the first time since September 2015 in April of this year, according to recent figures released by the Office for National Statistics (ONS).
The ONS figures, which are measured by the Consumer Prices Index, revealed that inflation fell to 0.3% in April 2016 from 0.5% recorded in March. The ONS, the UK’s largest independent research institute, which produces official figures on the state of the economy, said the fall was mainly due to a huge drop in air fares, as well as smaller reductions in the prices of vehicles, clothing and social housing rents.
The prices of air travel fell by 14.2% in April, compared to 4.5% rise in the same month last year. However, the ONS also said that this was mainly due to the timing of Easter, which fell in late March and artificially drove up the prices throughout February and March.
Clothing and footwear also saw reductions as retailers tried to make amends for poor sales during the colder-than-expected month of March 2016.
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