Why It Matters: Food prices are the main inflation concern.The slowdown in inflation was less than the Bank of England’s forecast, which had projected 8.4 percent for April. The inflation data has repeatedly turned out higher than the bank expects, intensifying the challenge facing policymakers tasked with lowering inflation to the 2 percent target. Since December 2021, the central bank has raised rates to 4.5 percent from near zero, making loans, especially mortgages, more expensive.With energy prices falling, food prices have become the largest contributor to inflation. In April, food prices rose 19 percent from a year earlier, just lower than 19.1 percent in March, which was about the fastest pace since 1977.Food accounted for more than 2 percentage points of the overall rate. The price of bread, fish and dairy products were among those that continued to increase last …
