Martin Lewis explains what inflation fall means for interest rates

UK inflation fell to the lowest level in nearly three years in April as energy prices continued to cool, according to official figures.

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

Financial guru Martin Lewis explained what this drop means for you in terms of interest rates when he appeared on Good Morning Britain on Wednesday (22 May).