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UK inflation drops to 2.3% in April, nearing Bank of England’s target

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UK inflation drops to 2.3% in April, nearing Bank of England’s target

The war between Russia and Ukraine — both major producers of food commodities and energy — has disrupted global production, trade and supply in these areas, leading to a surge in prices.

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U.K. inflation fell to 2.3% in April, the Office for National Statistics said on Wednesday, coming closer to the Bank of England’s target rate even while missing expectations.

The headline reading declined from 3.2% in March, but economists polled by Reuters had expected a steeper drop to 2.1%.

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