Inflation drops below 10 percent for first time since last year - what it means for you

The rate of inflation is finally back in single digits easing to 8.7% last month for the first time since last year. According to the Office for National Statistics this figure is down from the 10.1% recorded in March as  gas and electricity costs remained stable compared to the unprecedented leap recorded in the same month last year.

Last spring saw the energy price cap lifted by 54% to £1,971 to reflect the impact of Russia’s war in Ukraine on European gas and electricity supplies. Since the invasion, energy costs have been the main source of the cost of living crisis which has seen energy bills soar - affecting the overall economy.