Households across the UK are still feeling the pain of inflation, even though the headline figure dropped from 2.8 per cent in March to 2.4 per cent in April.
This means inflation is still above the target rate of two per cent set by the government and it was noted by Aston Goodey, sales and marketing director for MGM Advantage, that this is bad news for consumers.
He pointed out that while a drop in inflation is always to be welcomed, households are still struggling to balance the books.
"This pain will be particularly felt by households on low or fixed incomes, including people who rely on pensions to fund the cost of living," said Mr Goodey.
He also noted that as wages are not rising by as much as inflation, many individuals are going to find their finances are becoming increasingly squeezed in the coming weeks and months.
The inflation report pointed out April was the first time that the growth in inflation has slowed since autumn 2012.
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