Cost of living: Inflation plummets to 8.7% but food prices remain ‘worryingly high’ - how it affects you

UK inflation made a sharp drop to 8.7 per cent in the 12 months to April, with the measure of price finally slipping out of double digit territory - but food costs remain “worryingly high” as the cost of living crisis continues. According to the latest data from the Office for National Statistics (ONS), the figure is down from the 10.1 per cent recorded in March.

It’s the first time inflation has dropped below double digits since August last year. But there are still concerns over the rate at which food prices are rising, with Chancellor of the Exchequer Jeremy Hunt stating today (May 24) they remain “worryingly high”.

Mr Hunt told BBC News that the new inflation figure was a step in the right direction “but there are things underneath those numbers, which show that this battle is far from over.” He added: “We have never celebrated anything. Until we achieve our objective to halve inflation, the job is not done.”

The decline in inflation is being driven by gas and electricity costs remaining stable in April, according to the ONS. It should also be noted that even though inflation is going down, prices are still going up - just at a marginally slower rate.

The ONS found that food and non-alcoholic beverage prices continued to rise throughout April and contributed to the higher inflation rate. This dropped slightly from 19.2per cent in the year to March to 19.1 per cent in the year to April - still a high figure.

Here’s everything you need to know including why inflation is so high and if prices will start to fall again soon.

What is inflation - and why is it so high?

The Consumer Price Index (CPI) measure of inflation tracks how prices have changed over a year. When inflation is higher, you’re paying more for something compared to one year ago.