'We might not see a rate rise for the rest of the year': Sterling slides as inflation hits fresh one-year low

Falls to 2.4%

UK consumer price inflation (CPI) fell 0.1 percentage points in April to 2.4%, a fresh one-year low and missing economists' expectations who had predicted inflation to remain at 2.5%.

According to the Office for National Statistics (ONS), the largest downward pressure on the Consumer Prices Index (CPI) came from air fares, which were "influenced" by the timing of Easter, while clothing and footwear also had a downward impact. This was partially offset by rising fuel prices which has been driven by gains in oil prices over the month. The ONS said: "A smaller downward contribution came from food and non-alcoholic beverages. This was from a range of food products with the largest single effect from meat, where prices fell this year but rose a year ago, particularly fo...