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Mr Sunak has today declared UK inflation is “back to normal” in a “major milestone” for the country, as it hit its lowest level in nearly three years despite falling by less than economists were expecting.

Consumer Prices Index (CPI) inflation slowed to 2.3 per cent in April, down from 3.2 per cent in March, according to the Office for National Statistics (ONS).

It is the lowest level since July 2021 when inflation was recorded at 2 per cent – the Bank of England’s target level.

But the decline was smaller than expected as economists had predicted CPI would fall to 2.1 per cent in April, within a whisker of the Bank’s target.

Speaking in Downing Street, the prime minister said the fall in inflation is a “major milestone”, but he admitted there is “more work to do”.

“That is an important moment for our country, for the economy, and shows that our plan is working,” Mr Sunak said.

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