The 2.3% rate was the lowest figure since September 2021, when it was 2.9%, and was brought down as a result of the new energy price gap which slashed prices of gas and electricity by 27.1%.

Over 12 months inflation increased by 2.3% to April 2024, which was down from 3.2% in March. In October 2022, this hit a peak of 11.1%, which was the highest rate in over 40 years, according to the Office for National Statistics (OFS).

A drop in the price of household bills for gas and electricity was the main reason for the reduction, while the price of food, drink, alcohol and tobacco was also down.