The war between Russia and Ukraine, two major producers of food commodities and energy, has disrupted global production, trade and supplies in these regions, causing prices to soar.
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The Office for National Statistics said on Wednesday that Britain’s inflation rate fell to 2.3% in April. Although it fell short of expectations, it was still close to the Bank of England’s target interest rate.
That was down from March’s headline rate reading of 3.2%, but economists polled by Reuters had expected a sharp decline to 2.1%.
Investors are watching the news closely after Bank of England policymakers signaled a willingness to cut interest rates at some point in the summer, but stressed the timing would depend on the latest data.
This is a breaking news story and will be updated soon.
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