Kevin Brown, savings expert at Scottish Friendly, has commented on this morning's inflation data from the ONS

“At first glance, April’s surprising inflation reading of 2.8 per cent looks like welcome progress. Yet it should not be taken as a sign that the UK has somehow weathered with resilience the inflationary fallout from the conflict in the Middle East.

“A large reason why inflation eased in April is that the energy price cap was reset lower before the recent surge in oil and gas prices fully fed through to households (1). When the cap is updated again in July, it is likely to reflect more of the increase in wholesale energy costs that motorists have already experienced at the petrol pumps (2).

“Today’s figure is unlikely to provide comfort to the Bank of England that inflation pressures are back under control. Another inflation reading is still to come before policymakers next meet in June, which should provide a clearer picture of underlying price pressures ahead of the Bank’s next rate decision.

“If living costs continue to rise over the summer – especially as wage growth slows (4) – many households could find themselves under renewed financial pressure. For those able to take a longer-term view, investing can play an important role in helping preserve and grow wealth over time.”

(1) Morningstar, May 2026

(2) The Guardian, May 2026

(3) Office for National Statistics, May 2026

(4) Office for National Statistics, May 2026