UK Inflation April 2026

UK CPI inflation fell more than expected to 2.8% y/y in April, driven largely by lower domestic utility bills. Services and Core CPI also surprised to the downside, supporting a more patient stance from the Bank of England.

Key Takeaways

• 1.UK CPI inflation fell to 2.8% y/y in April, coming in lower than both RBC and Bloomberg consensus expectations of 3.0%.
• 2.Services CPI saw a significant drop to 3.2% y/y from 4.5% in the previous month, which was lower than the 3.5% consensus.
• 3.The primary driver of the downward movement was a 0.5ppt contribution from falling domestic gas and electricity bills following November Budget changes.

Table of Contents

• RBCi: UK inflation (April 2026)
• Sales Literature and Market Commentary Disclaimer
• Disclaimer for OTC Derivatives
• Sales Note Disclosures Under the Market Abuse Regime

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