Ìý-Inflation pressure eases in U.KÌý
Annual inflation in Britain was 2.4 percent in April, down from 2.5 percent in March, the Office of National Statistics (ONS) announced Wednesday.
April's consumer price index (CPI) of 2.4 percent is the lowest level since March 2017. The largest downward factor in the change came from airfares, with rising motor fuel prices having the biggest upward effect.Ìý
"Inflation continued to slow in April, with airfares making the biggest downward contribution, due to the timing of Easter. This was partially offset by the rise in petrol prices," said Mike Hardie, head of inflation at the ONS.
The Bank of England (BoE) targets a slowdown in inflation to 2.0 percent.
The house price index was also other important data released last week. House prices in the U.K. rose by 4.2 percent during the year, making the average property value in the country at £224,144, the ONS announced Wednesday. U.K. house prices in March remained unchanged compared with February 2018. However, the annual house price in London fell by 0.7 percent, taking the average property value to £471,944.
“Halfway through that year (2016) the U.K. voted to leave the European Union � this may have deterred foreign buyers, not only from the EU but also further afield,� according to the ONS’s Kishan Rana. “For Europeans, there has simply been a fall in demand as net migration from these countries has fallen. For many overseas buyers (and indeed some domestic buyers), a house in London isn’t just a home,� Rana added.