Today’s ONS figure suggests that CPI inflation fell from 10.1 per cent in March to 8.7 per cent in April, breaking the seven-month streak of double-digit inflation. This fall was largely driven by falls in electricity and gas prices on the year (i.e., last April’s energy rise ‘dropping out’), though was partially offset by significant increases in food prices, which saw an inflation rate of 19 per cent in April - just 0.1 percentage point below last month’s 45-year high. Concerningly, core CPI rose to a series high of 6.8 per cent in April from 6.2 per cent in March. Overall, the data indicate that, despite a welcome fall in headline CPI, we have yet to see a turning point in underlying inflationary pressures in the UK as food prices, in particular, continue to soar; this is especially worrying as lower-income households are disproportionally hit by elevated food inflation.”