UK inflation rate falls to 8.7% in April: ONS

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British consumer price inflation fell to 8.7% in April from March’s 10.1%, figures from the Office for National Statistics showed on Wednesday.

Economists polled by Reuters had forecast that the annual CPI rate would drop to 8.2% in April, moving further away from October’s 41-year high of 11.1%.

Earlier this month, the Bank of England forecast inflation of 8.4% for April.

Core inflation, which excludes energy, food and tobacco prices, rose to 6.8%.

Despite the most recent fall, inflation continued to eat into the spending power of workers whose pay is rising by less.

The BoE is due to announce its next decision on rates on June 22.