UK inflation falls by less than expected to 2.3%, reducing chance of June rate cut

Drop in April is smaller than forecast but level is still lowest in almost three years

Big drop in UK inflation disguises more disappointing detailsWhich goods and services have changed most in price?Business live – latest updates

UK inflation fell to 2.3% in April – its lowest level for almost three years – but the decline was smaller than expected, denting hopes of an early interest rate cut.

City analysts had forecast the annual increase in the cost of goods and services would fall to 2.1%, close to the Bank of England’s 2% target.

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